South Korean Jumps To Near 1-year High Against Dollar

The South Korean jumped to a near 1-year high against the dollar but declined against the its Japanese counterpart during Wednesday's early Asian trading.

On the equity front, the South Korean stock market retreated and slipped into the red as investors turned a bit cautious and resorted to some selling in shipbuilding and technology stocks.

The benchmark KOSPI index, which rose to 1,723.2 in early trades, is currently down with a loss of 8.9 points or 0.52% at 1,710. The KOSPI had ended stronger by 23.4 points, or 1.4%, at 1,718.9 on Tuesday, thanks to significant gains from the automobile producers and technology stocks.

The South Korean won surged to near a 1-year high of 1194.4 against its US counterpart on Wednesday morning in Asia. If the domestic currency gains further, resistance is seen around the 1186.2 level. At Tuesday's New York session close, the dollar-won pair was worth 1197.6.

From U.S., the Energy Information Administration is scheduled to release its weekly petroleum inventory report at 10:30 am ET. At 2:15 pm ET, the Federal Reserve Open Market Committee is scheduled to make an announcement regarding its near-term direction of monetary policy following the end of its 2-day monetary policy committee meeting.

Against its Japanese counterpart, the South Korean won dropped during Wednesday's early Asian trading. The won touched 13.2030 against the yen with 13.23 seen as the next downside target level. At yesterday's New York session close, the pair was quoted at 13.1840.

Yen vs KRW (FX:JPYKRW)
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