The Asian economies show a strong economic growth, the fact that attracted the global funds and made them increase their holdings of region’s assets. As a result, Asian currencies rallied, the South Korean won among therm.
The exchange data showed that the international funds bought $1.5 billion more Indonesian, South Korean and Taiwanese stocks than they have sold last week. The MSCI Asia-Pacific Index gained almost 2 percent, following the advance by 3.4 percent last week — the biggest weekly gain since March.
Asia bring much-needed optimism to investors, while other parts of the world more often than not are a source of a negative sentiment. Yet Asia isn’t immune to economic problems and South Korea has its share of issues. The sales in the major department stores rose 6.5 percent in September from a year ago, showing the slowest rate of growth in seventh months, after increasing 8.3 percent in August. The consumer confidence was at the lowest level since March last month.
USD/KRW was at 1,148.6000 todays as of 20:21 GMT after opening at 1,156.2999 and touching the intraday low of 1,138.1500. EUR/KRW dropped from 1,603.8500 to 1,578.05000 today.