South Korean Won Advances Against US Dollar And Yen

Tuesday during Asian deals, the South Korean won advanced against its US and Japanese counterparts as a surge in local stocks increased demand for the South Korean currency.

The South Korean market is trading firm today with investors picking up stocks with renewed vigor following a positive close on Wall Street overnight.

Aided by strong gains posted by key technology, shipbuilding, bank and steel stocks, the benchmark KOSPI index surged to 1,650 this morning and is currently trading at 1,647, up 12.1 points, or 0.8%, over its previous close. The KOSPI had ended 16.79 points, or 1.02%, down at 1,635 on Monday.

During Tuesday's early Asian deals, the South Korean won advanced to 1220.35 against the dollar. The next upside target level for the Korean currency is seen at 1218.3. The dollar-won pair was worth 1225.10 at Monday's close.

From U.S. , the Labor Department is scheduled to release its report on the producer price index for August at 8:30 am ET. Economists expect the headline index to show a 0.8% decline and the core index to show a 0.1% drop. At the same time, retail sales of food and retail companies are also slated to be released, economists estimate a 1.9% increase in the retail sales and a 0.4% climb in retail sales excluding autos.

The results of the New York Federal Reserve's empire state manufacturing survey, is slated to be released at 8:30 am ET. The headline general business conditions index for September is expected to come in at 15.

The Commerce Department is scheduled to release its business inventories report for July at 10 am ET. The report is expected to show a 0.8% decline in business inventories for the month.

In early Asian trading on Tuesday, the South Korean won edged up against its Japanese counterpart. The won reached a 4-day high of 13.4010 against the yen, with 13.30 seen as the next upside target level. The yen-won pair was worth 13.470 at yesterday's New York session close.

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