Today’s trade data from China helped many currencies of emerging markets, especially Asian ones. The South Korean won was among winners, rising against the US dollar, which continues to struggle after it has halted its rally.
While the Chinese trade balance was somewhat disappointing to economists, the data was not entirely bad and was well-received by market participants, allowing riskier currencies to rally. China is a major trading partner of many countries, South Korea being one of them, meaning its economic performance has big impact on the global economy. Higher-yielding currencies were strong also because the US dollar was experiencing weakness after the Federal Reserve minutes suggested that the US central bank may postpone the start of an interest rate hikes cycle.
USD/KRW fell from 1,071.95 to 1,067.39 as of 10:26 GMT today.
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