Widening South Korean Current-Account Surplus Leads to Stronger Won
The South Korean won soared today as the nation’s trading account surplus widened, increasing the attractiveness of South Korean assets and leading to hopes for higher capital inflows into the country.
The Bank of Korea reported that the current-account excess reached $4.98 billion in March, up from $2.71 billion in February. The data suggests that the South Korean economy is in a healthy state, making it attractive for foreign investors. The won profited from this, being especially strong against the dollar, which was showing signs of weakness.
USD/KRW dropped from 1,111.5000 to 1105.5499 as of 11:23 GMT today.
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Earlier News About the South Korean Won:
- Won Gains amid Easing Tensions Between North & South Koreas (2013-04-19)
- Won Suffers from Global Economic Growth Concerns (2013-04-18)
- Won Rebounds After Sell-Off (2013-04-16)
- South Korean Won Rises Despite Escalating Political Tension (2013-04-03)
- Won Falls after Friday's Rally (2013-04-01)