SEOUL: South Korea’s won firmed slightly on Wednesday morning, buoyed by new signs of strength in China’s services sector that helped ease worries over persistent weakness in the economy.
The local currency was up 0.3 per cent at 1,129.3 per dollar as of 0236 GMT, set to mark its fourth straight session of gains.
A private survey showed activity in China’s services sector rose to its fastest pace in three months in October. The Caixin/Markit Purchasing Managers’ Index (PMI) rose to 52.0 in October from September’s 14-month low of 50.5.
“Asian currencies are showing some strength today but the won isn’t expected to jump anytime soon and will run into resistance in the 1,120 won range,” said Park Yuna, a fixed income analyst at Dongbu Securities.
