South Korean Won Rises on Solid GDP Data

The South Korean won strengthened past 1,370 per dollar on Thursday, hitting an over two-week high amid upbeat economic data that pointed to a stronger-than-expected recovery and a weaker dollar. Preliminary figures showed that South Korea’s economy grew by 0.6% in the second quarter compared to the previous three months, outpacing the 0.5% growth forecast. Much of the momentum came from a 4.2% quarterly jump in goods and services exports, driven by strong gains in semiconductors, petroleum products, and chemicals. On the external front, the upcoming high-level trade talks between South Korea and the US, originally set for Friday in Washington, have been postponed due to a scheduling conflict. While the “2+2” dialogue has been delayed, US officials have suggested rescheduling soon, and both sides are working to arrange a new date at the earliest opportunity.