The South Korean won on Friday paved the downward route for its Asian peers this week against the world's reserve currency, amid increasingly speculation noting the central bank of the U.S. is likely to continue slashing monetary stimulus policy as 2014 proceeds, according to Bloomberg.
The won was diving toward its largest weekly loss against the greenback since the middle of December 2013, also tugged down by concerns about the Japanese yen losing value. That would prove to be detrimental to South Korean exports.
"There's a perception the won may have lost its competitiveness due to yen weakness," foreign-exchange strategist Sim Moh Siong with the Bank of Singapore Ltd. told Bloomberg on Friday. "The expectation of a rate cut spurred won weakness."
The won's losses this week against the greenback are roughly 0.6 percent. The Singapore dollar and the Indonesian rupiah respectively fell 0.3 and 0.2 percent against the U.S. dollar.
The won's performance on foreign exchange markets is likely to be influenced by the December jobs report issued by the U.S. Labor Department, according to The Economic Times. Anticipations are high that the data released later on Friday will be healthy.
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