The South Korean won pushed to its three-week peak against the world's reserve currency on Wednesday as a consequence of new U.S. Federal Reserve chair Janet Yellen testifying to congress that the body's progressive tapering of stimulus will continue under her watch, according to Bloomberg.
Unemployment last month in the Asian nation registered at 3.2 percent, only slightly higher than the 3 percent stated by analysts and economists in a survey administered by the news source. In her first appearance before U.S. Congress after being sworn in earlier this month, Yellen said stimulus policy will continue to be tapered by the Fed.
"A whopping rise in China's exports and imports sent the market's key index higher, with chemicals, steel and shipbuilders leading the advance," analyst Eric Lee with Daishin Securities Co. told The Yonhap News Agency on Wednesday.
The won advanced roughly 0.8 percent against the U.S. dollar on Wednesday, notching a fourth-straight day of increases against its rival monetary unit.
Stocks issued by South Korea edged up for a sixth consecutive day on Wednesday, according to The Yonhap New Agency. Stronger Chinese data pushed up both stocks and the won.
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