The South Korean won climbed to its top value since 2009 against the world’s reserve currency on Friday, leading Asian currencies’ weekly gains against their cross-Pacific rival, according to Bloomberg.
The won climbed amid speculation the U.S. will not change borrowing costs from their low level. South Korea released economic data indicating the current-account surplus in March was its highest in five months.
The won pushed ahead roughly 1.1 percent against the dollar as the trade week closed on Friday. The Indian rupee climbed about 0.7 percent and the Taiwan dollar increased roughly 0.4 percent.
The won achieved weekly gains of about 1.1 percent against the dollar after having slipped against its peer during the past two weeks, according to The Economic Times. After observing a national holiday on Thursday, South Korean markets re-opened on Friday. Markets will be closed on Monday and Tuesday of next week as well.
South Korean shares fell in value on Friday, enduring weekly losses. The U.S. is slated to release economic data about its job market on Friday, which is likely to influence the performance of shares and the won.
Risk Disclosure
The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided. References to over-the-counter (“OTC”) products or swaps are made on behalf of StoneX Markets LLC (“SXM”), a member of the National Futures Association (“NFA”) and provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. SXM’s products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ (“ECP”) and who have been accepted as customers of SXM. StoneX Financial Inc. (“SFI”) is a member of FINRA/NFA/SIPC and registered with the MSRB. SFI does business as Daniels Trading/Top Third/Futures Online. SFI is registered with the U.S. Securities and Exchange Commission (“SEC”) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Adviser. References to securities trading are made on behalf of the BD Division of SFI and are intended only for an audience of institutional clients as defined by FINRA Rule 4512(c). References to exchange-traded futures and options are made on behalf of the FCM Division of SFI.
Trading swaps and over-the-counter derivatives, exchange-traded derivatives and options and securities involves substantial risk and is not suitable for all investors. The information herein is not a recommendation to trade nor investment research or an offer to buy or sell any derivative or security. It does not take into account your particular investment objectives, financial situation or needs and does not create a binding obligation on any of the StoneX group of companies to enter into any transaction with you. You are advised to perform an independent investigation of any transaction to determine whether any transaction is suitable for you. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc.
© 2021 StoneX Group Inc. All Rights Reserved
