FX.co ★ South Korean Won Rises on Solid GDP Data

The South Korean won strengthened past 1,370 per dollar on Thursday, reaching its highest level in over two weeks. This surge was driven by encouraging economic indicators that highlighted a stronger-than-anticipated recovery and a weaker dollar. According to preliminary data, South Korea's economy expanded by 0.6% in the second quarter compared to the previous quarter, surpassing the projected 0.5% growth. A significant portion of this momentum was attributed to a 4.2% quarterly increase in the export of goods and services, fueled by robust gains in the semiconductor, petroleum products, and chemicals sectors. In terms of international relations, the forthcoming high-level trade discussions between South Korea and the United States, initially planned for Friday in Washington, have been postponed due to scheduling conflicts. Despite the delay in the "2+2" dialogue, U.S. officials have indicated plans to reschedule quickly, and efforts are underway from both sides to set a new date as promptly as possible.