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Dollar-Won Exchange Rate Nears 1,400 Mark; Eases Amid Diverging Market Forces
SEOUL – The dollar-won exchange rate edged closer to the crucial 1,400 level in overnight trading, buoyed by strong U.S. economic data. However, the upward momentum stalled as market dynamics tempered gains. Despite its initial surge, the dollar-won pair reflected a mixed sentiment among traders navigating fluctuating macroeconomic trends.
As of July 18 at 2 a.m. KST, the exchange rate closed at 1,392.70 won, gaining 6.50 won from its prior Seoul session close of 1,386.20 won. Compared to the rate during regular onshore trading hours (9 a.m. to 3:30 p.m.), which settled at 1,392.60 won, the overnight performance showed a slight dip of 0.40 won.
Entering New York trading hours, the exchange hovered near the 1,392-won range, driven by optimistic U.S. retail sales data and robust labor statistics. During extended trading, the dollar-won pair touched an intra-day high of 1,396.50 won—the highest since May 20—before retreating toward the 1,390-won mark amid waning enthusiasm toward the close.
U.S. Economic Strength Lifts the Dollar
The dollar found strong support as the latest U.S. economic indicators outperformed market expectations. June's retail sales climbed by 0.6% month-on-month (seasonally adjusted), significantly higher than the market forecast of 0.1%, rebounding sharply from May's 0.9% contraction. Additionally, the U.S. labor market showcased resilience as weekly jobless claims declined for the fifth consecutive week, hitting a three-month low.
The U.S. Department of Labor reported 221,000 initial unemployment claims for the week ending July 12, marking a 7,000 decline from the previous period and better-than-forecast consensus estimates of 235,000.
Mike Kornakioli, Director of Investment Strategy at Citizens Private Wealth, commented, "Both the retail sales figures and the jobless claims data underscore the solid footing of the U.S. consumer sector and labor market. Predictions of imminent weakness in the U.S. economy seem overstated given these results."
Dollar Maintains Broad Strength Across Major Currency Pairs
The dollar’s recovery continues as stronger economic fundamentals and interest rate dynamics bolster confidence in the greenback. Marc Chandler, Chief Market Strategist at Bannockburn Global Forex, explained, "Following a volatile first half of the year, the dollar is regaining composure. This rebound is largely fueled by short-covering and the U.S.’s favorable interest rate backdrop."
The U.S. Dollar Index, which tracks the currency against six major peers, briefly touched a peak of 98.9—the highest intraday level since late June—before pulling back slightly.
At 2:53 a.m. KST, the dollar-yen exchange rate stood at 148.660 yen, while the euro-dollar pair traded at 1.15836 dollars. Meanwhile, the offshore dollar-yuan rate hovered at 7.1865 yuan, highlighting the greenback's stability across global currencies.
Korean Won Performance in Cross-Currency Trading
South Korea's won posted mixed results against other major currencies. The yen-won cross rate settled at 936.71 won per 100 yen, while the yuan-won cross rate traded at 193.69 won. Within the dollar-won pair, the session recorded an intraday high of 1,396.50 won and a low of 1,387.10 won, reflecting a trading range of 9.40 won.
Total spot foreign exchange trading during the extended session reached $16.421 billion, combining figures from the Seoul Foreign Exchange Brokerage Corp. and Korea Money Brokerage Corp., signaling continued market activity and liquidity.
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