Seoul: Won rises to 3-week high, stocks firm on weak US data

The South Korean won jumped to a three-week high early on Wednesday as downbeat economic data from the world's biggest economy dented already-low chances of the Federal Reserve raising interest rates as early as this month.

The won stood at 1,094.6 as of 0214 GMT, its highest since Aug 16, and up one per cent compared to Tuesday's close at 1,105.2.

The US dollar slumped after a survey showed US services sector activity slowed to a 6-1/2-year low in August amid sharp drops in production and orders, pointing to slowing economic growth.

"All the economic data from the US that came out in September were below expectations. The won will stay strong against the dollar even if Federal Reserve officials keep their hawkish stance," said Park Sung Woo, a foreign exchange analyst at NH Futures.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg