South Korean Won Falls To 2-day Low Against US Dollar
25 September 2009 - 9:25AM
RTTF2
During early Asian deals on Friday, the South Korean won edged
down against the US dollar and the Japanese yen as a fall in
regional stock prices reduced the appeal of the nation's assets.
The won thus touched a 2-day low against the dollar.
The South Korean market is down in the red today, with investors
pressing heavy sales across the board on weak cues overnight from
Wall Street and on concerns the U.S. government may soon scale down
stimulus measures.
The benchmark KOSPI index, which fell to 1,662.5 after opening
at 1,686.4, is currently down 23.31 points, or 1.35%, at 1671.07.
On Thursday, the KOSPI had drifted down 17.6 points, or 1%, to
1,693.9.
Against the US dollar, the South Korean won touched a 2-day low
of 1199.1 in early Asian trading on Friday. On the downside,
support is seen around the 1210.0 level for the won. The dollar-won
pair closed Thursday's North American session at 1194.40.
The South Korean won traded down against the Japanese yen during
early Asian deals on Friday. At 9:35 pm ET, the won touched a low
of 13.21 against the yen, compared to 13.0860 hit late New York
Thursday. The next downside target level for the South Korean
currency is seen around 13.31.
The Bank of Japan board members said that the Japanese economy
was finally starting to show signs of bottoming out, minutes from
the August 10-11 monetary policy meeting revealed today. The
members added that output was recovering faster than expected,
fueling the recovery.
However, uncertainty persists regarding the paces of recovery
for overseas economies, the board said, so they agreed to continue
to provide ample liquidity. The board also agreed that it was
important to continue to monitor the effect of supply and demand on
prices, and that there was some upside risk for prices in the
current easy global policy.
Across the Atlantic, the US Commerce Department is set to
release its durable goods orders report, which gives the value of
orders placed for goods designed to last for more than 3 years, at
8:30 AM ET. Economists look forward to a 0.5% increase in the
durable goods orders for August.
The final reading of the University of Michigan's consumer
sentiment index for September is due to be released at 10:00 AM ET.
The report is expected to show that the consumer sentiment index
rose to 70.5 in the month.
The Commerce Department is due to release its new home sales
report for August at the same time. The consensus estimate calls
for an increase of 1.9% in new homes sales in the month to
441,000.
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