The South Korean won closed higher on Friday after trading in a tight range, supported by positive US economic data and that boosted investor risk appetite. The won was quoted at 1,150.4 to the dollar at the end of domestic trade, up 0.5 percent from Thursday's close of 1,156.2.
The South Korean currency gained 0.7 percent for the week despite tumbling nearly 1.5 percent on Monday alone after the death of North Korean leader Kim Jong-il. After making a modest leap to 1,150.0 at the market open, the won moved within a pencil-thin range of 1,148.0-1,151.3 for the rest of the session, highlighting thin trading in a holiday market.
"The US data may have provided general upside, but as you can see from the narrow fluctuations, this was a very quiet market with little activity," said a local banker. "In the absence of any new events, this trend looks set to continue until the holiday season passes, but advanced position building in anticipation of the new year may be a source of volatility," he added. Treasury bond futures inched lower, with short-term yields continuing to rise from the year-end squeeze, prompting bargain-seekers to buy.
Comments
Comments are closed.