Won Climbs as Current Account Reaches Record High
The South Korean won got a boost from favorable domestic fundamentals today. The South Korean current account widened to a record and the nation’s economy continued to grow.
The Bank of Korea reported that the current account surplus expanded to $5.8 billion in June from $3.6 billion in May. That may be not good for the won in a long run as the surplus was a result of declining imports and constrained consumer demand, which is bad for economy. Gross domestic product rose at the annual rate of 2.4 percent in the second quarter of this year, in line with forecasts. The monthly growth was at 0.4 percent.
USD/KRW fell from 1,146.2999 to 1140.1749 as of 8:28 GMT today.
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Earlier News About the South Korean Won:
- Won Falls with Consumer Confidence (2012-07-25)
- Won Gains on China, Europe Remains Negative Factor (2012-07-24)
- Won Gains as ECB Expected to Cut Interest Rates (2012-07-03)
- Won Gains on Hopes for QE3 from Fed, Gains Limited (2012-06-15)
- Won Advances as South Korean Economy Expands (2012-06-07)