The South Korean won was heading to the biggest weekly advance among Asian currencies since September as speculations that the US Federal Reserve will not withdraw stimulus were driving the dollar down. The currency retreated today.
Worse-than-expected US macroeconomic data suggested that it is too early to remove Fed’s monetary accommodation. This allowed the Bloomberg-JPMorgan Asia Dollar Index of regional currencies to advance 0.5 percent to 117.27 today and the won to rally 1.7 percent over the week. The currency retreated today on anticipation of fairly good US non-farm payrolls.
USD/KRW rose from 1,112.2150 to 1,120.9050 as of 10:15 GMT today, rebounding from the low of 1,108.1000.
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