South Korean Won Tumbles Against Yen And Dollar

Thursday in Asia, the South Korean won tumbled against its Japanese and US counterparts as a slump in South Korean stocks decreased demand for the local currency.

The South Korean market drifted lower today with the overnight negative close on Wall Street and lower commodity prices prompting investors to go in for some selling in technology, shipbuilding and energy sectors.

The benchmark KOSPI index, which rebounded into positive territory after early weakness, has faltered into the red to 1,704, posting a loss of 7.5 points or 0.44%.

During Thursday's early Asian deals, the South Korean won declined to 1198.10 against the dollar. The next downside target level for the Korean currency is seen at 1210.10. The dollar-won pair was worth 1192.60 at Wednesday's close.

From U.S., the Labor Department is due to release its customary weekly jobless claims report for the week ended September 19th at 8:30 am ET. Economists expect a small increase in claims to 550,000. At 10:00 am ET, the National Association of Realtors is scheduled to release its report on existing home sales for August. Economists estimate existing home sales of 5.35 million for the month.

The Chair of the White House Council of Economic Advisers Christina Romer is scheduled to deliver the keynote address to the Chicago Federal Reserve Bank's International Banking Conference in Chicago at 1 pm ET

In early Asian trading on Thursday, the South Korean won edged down against its Japanese counterpart. The won reached 13.1680 against the yen, with 13.23 seen as the next downside target level. The yen-won pair was worth 13.0590 at yesterday's New York session close.

The yen has been rallying against other major currencies today as Japan posted a merchandise trade surplus in August. Japan saw a merchandise trade surplus of 185.7 billion yen in August, the Ministry of Finance said today. That beat analyst expectations for a surplus of 157 billion yen following the revised 377.9 billion yen surplus in July, and it marked the seventh consecutive month of surplus.

Exports were down 36 percent on year, compared to forecasts for a 36.5 percent annual decline to 4.511 trillion yen. Overall, exports have fallen now in 11 consecutive months.

Yen vs KRW (FX:JPYKRW)
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