South Korean Won Declines To 5-day Low Against Yen; Recovers Early Losses Against US Dollar
October 14 2009 - 12:50AM
RTTF2
The South Korean won declined to a 5-day low against the
Japanese yen and climbed from a 2-day low against the US dollar
during Wednesday's early trading.
On the equity front, the South Korean stock market is trading
firm on Wednesday with investors picking up stocks cutting across
various sectors on expectations of fairly buoyant quarterly
results.
The benchmark KOSPI index, which opened notably higher at 1,642,
is currently trading at 1,651, up 22.1 points, or 1.36%, over its
previous close.
Wednesday in Asia, the South Korean won dropped against its
Japanese counterpart. The won touched a 5-day low of 13.1040
against the Japanese unit, compared to 13.0730 hit late Tuesday in
New York. On the downside, the next likely target is seen around
the13.19 level.
The Bank of Japan decided to leave the key interest rate
unchanged as expected. The Policy Board of the BoJ unanimously
decided to maintain the uncollateralized overnight call rate at
0.1%. The last change in the rate was a 0.1% cut in interest rates
at the December 2008 meeting.
Earlier a report by the Bank of Japan said that the prices for
domestic corporate goods shed 7.9 percent on year in September,
posting an index score of 103.0. That was exactly in line with
analyst expectations following the 8.5 percent annual decline in
August.
The South Korean won bounced back against the US dollar after
falling to a 2-day low of 1172.60 during Wednesday's early Asian
trading. The won is now trading at 1165.10 against the buck, with
1163.5 seen as the next upside target level. At yesterday's New
York session close, the pair was quoted at 1172.10.
From U.S., advance retail sales is slated to be released at 8:30
am ET. For September, economists estimate a 2.1% decline in the
retail sales, but a 0.2% increase in retail sales excluding
autos.
At the same time, the export & import price indexes for
September, are due out. At 10:00 am ET, the Commerce Department is
scheduled to release its business inventories report for August.
The report is expected to show a 0.9% decline in business
inventories for the month.
The Federal Reserve is scheduled to release the minutes of its
September 22-23 meeting at 2 pm ET.
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