FSMNews

 The South Korean Won soared to its new eight-week high on Thursday’s trades, supported by the trader’s expectation that the central bank will elevate its interest rates soon after revealing a strong economic growth data for the third quarter.

In its recent trades, the South Korean Won’s performance against the US Dollar finished at the 0.00086 level.  It is a 0.34% increase from its recent trades which also had a bullish performance. This is highest level since the 28th of August.

South Korean Economy

FSMNews

South Korea posts its fastest economic growth in seven years.

The Economy of South Korea reported its fastest growth in seven years in the recent quarter. This is supported by the global demand for Korean-produced electronics which also had a positive impact on the regional geopolitical tensions.

As for the Gross Domestic Product data of the country, the figures added a 1.4% in the third quarter. It has exceeded the expectation of 0.8% casted by economists and the Bank of Korea itself..

However, South Korean Stocks experienced a decline as the investors took profits after the benchmark index attained a sequential record high for four a fourth consecutive session. The South Korean index (The Korea Composite Stock Price Index) was seen plunging by 0.5% in its recent trades – down by 2, 480.63 points generally.

Foreign investors marketed a net 35.2 billion won (31.32 million in dollar value) worth of KOSPI shares on the same period.

KRW/USD Performance

FSMNews

In further details, the KRW/USD’s performance has apparently begun the week with a series of strong bulls that may continue in its coming trades.

The Relative Strength Index of the pair jumped from the 50’s region to the highs of the 60’s region. Nearing the 70’s region, the indicator was last seen specifically at 65.33.

As for the Coppock curve, the pair maintained a performance at the positive 2 region. It was last seen at 2.46 which would indicate a buy position for the pair. With the inclined direction, it is possible that the pair would face a uptrend further soon.

 FSM News is a daily updated news website about the happenings in the stock market, financial realms and the world economy. Subscribe to further educate yourself about the field that you are to partake in. FSM News is here for you.