» Won Declines on Resistance MARKET ROUNDUP: CURRENCIES BUSINESS ASIA By Bloomberg

Won Declines on Resistance MARKET ROUNDUP: CURRENCIES BUSINESS ASIA By Bloomberg

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Won Declines on Resistance MARKET ROUNDUP: CURRENCIES BUSINESS ASIA By Bloomberg

The South Korean won declined Thursday, ending two days of gains, on speculation that the central bank would allow it to weaken in order to keep exports competitive as the yen trades near a two- month low.

A cheaper yen against the won reduces the cost of Japanese goods sold abroad, to the detriment of Korean manufacturers, who compete for buyers of electronics and automobiles. Traders raised bets that the Bank of Korea would sell its currency after Vice Finance Minister Chin Dong Soo said Wednesday that the government would take bold action should the won become volatile.

Its clear Korea is resisting further appreciation in its currency, as theyre still keen to protect exports, said Sean Callow, a senior currency strategist at Westpac Banking in Singapore. The fundamental story in Korea is still sound, but the authorities are wary of more appreciation.

More : blackenterprise.com

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