The South Korean won pushed to its four-month high on Monday against the world's reserve currency after China released uplifting economic data about trade, Bloomberg reports.
Worldwide exports from China pushed ahead more than 7 percent in August as compared to the same period of 2012, data released on Sunday by the Asian nation states. The median forecast of economists polled by Bloomberg said the climb would register at roughly 5.5 percent.
"Most of the players who were selling dollars have now adopted a watchful stance, while we saw some dollar demand from importers like refineries," a local bank dealer told Reuters on Monday. "The current sentiment favors a bullish won, but the currency is having trouble extending its gains on worries the government will intervene."
For the second consecutive month, exports from China to the European Union and the U.S. climbed last month, demonstrating international demand is on the rise.
The South Korean won also gained traction from the weaker-than-expected job market report issued last week by the U.S., according to Reuters. The won pushed ahead immediately when markets opened on Monday.
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