SEOUL, December 26 (AJP) -The Korean won strengthened more than 1 percent on Friday, extending its 1.3 percent jump in the previous session on Wednesday, as the U.S. dollar broadly weakened against major East Asian currencies, including the Japanese yen and the Chinese yuan.
The dollar opened at 1,449.9 won after the Christmas break and slid as low as 1,429.5, marking its first dip below the 1,430 level since Nov. 4 — a move that signaled a possible shift in market positioning toward the won.
Dollar-selling gathered pace on expectations that the greenback could face further downside pressure amid renewed strength in regional currencies, a trader said, cautioning that it remains unclear whether the past two sessions mark a structural turning point.
The Chinese yuan has strengthened past 7 per dollar, supported by easing geopolitical tensions and a rebound in local equity markets, while the yen has remained firm since the Bank of Japan’s rate hike last week.
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