South Korea’s won advanced and bonds fell as unemployment in Asia’s fourth-biggest economy dropped to a four-month low and global stock markets rallied.
The jobless rate slipped to 3.2 percent in May from 3.4 percent a month earlier, statistics office data showed today. The Kospi (KOSPI) Index gained 0.3 percent and shares in the U.S. climbed after Federal Reserve Bank of Chicago President Charles Evans said he would support measures to generate faster job growth in the world’s largest economy.
“The won was supported by U.S. stocks gaining on speculation there may be another round of monetary easing,” said Kim Do Hee, a Seoul-based currency trader at Australia & New Zealand Banking Group Ltd. “The currency trimmed gains in the afternoon as some investors covered their short positions on the dollar due to lingering uncertainties in the financial market.” A short position is a bet an asset will decline. More»