《ETN Communication 12th Special Report》Boosted by lower oil prices and heavy corporate dollar selling, the South Korean won briefly hit a two-year intraday high on Monday.
After returning from a three-day long weekend holiday, the won rose as much as 0.8% to 1333.3 per dollar, before paring gains to 0.6%. Most Asian currencies also moved higher. The yen was last trading at 158.21 per dollar.
Min Gyeong-won, an economist at Woori Bank in Seoul, said: "As oil prices decline, the euro, pound and yen have all gained, and the won has followed suit amid broad dollar weakness." He believes that despite relatively thin trading volumes on Monday, dollar selling by exporters, especially chip manufacturers, should continue to support the won.
So far this year, the won has appreciated 7.6%, transforming from the worst-performing currency in Asia in the first half, to the best-performing in the region in the second half, driven by strong exports and corporate dollar selling. (rc)
After returning from a three-day long weekend holiday, the won rose as much as 0.8% to 1333.3 per dollar, before paring gains to 0.6%. Most Asian currencies also moved higher. The yen was last trading at 158.21 per dollar.
Min Gyeong-won, an economist at Woori Bank in Seoul, said: "As oil prices decline, the euro, pound and yen have all gained, and the won has followed suit amid broad dollar weakness." He believes that despite relatively thin trading volumes on Monday, dollar selling by exporters, especially chip manufacturers, should continue to support the won.
So far this year, the won has appreciated 7.6%, transforming from the worst-performing currency in Asia in the first half, to the best-performing in the region in the second half, driven by strong exports and corporate dollar selling. (rc)
