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South Korea Won at Nearly 6-Yearly High

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Wednesday, May 7, 2014
        0134 GMT [Dow Jones] USD/KRW reopens after a 2-day break and reacts immediately to the sharply lower U.S. dollar index, gapping down to 1,027.0 from its last close of 1,030.3. The monthly technical resistance at 1,023 will be the next chart target for USD/KRW, followed by the round-figure trading barrier at 1,020.0. The won has reached a nearly 6-year high of 1,026.0 vs the U.S. dollar in this broad greenback selloff. Factors weighing on dollar: depressed U.S. government bond yields, and the overnight rally in the euro due to improving eurozone PMI data. Testimony by Fed chief Janet Yellen could reaffirm a somewhat dovish stance on interest rates that might further drag the dollar down. USD/KRW is now 1,026.8 from its last close of 1,030.3. (ewen.chew@wsj.com)
        (END) Dow Jones Newswires

        May 06, 2014 21:34 ET (01:34 GMT)

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