South Korean Won Declines Against US Dollar And Yen

Tuesday in Asia, the South Korean won fell to a 4-day low against the US dollar and showed weakness against the yen as a slump in local stocks decreased demand for the South Korean currency.

On the equity front, the South Korean stock market is trading in the red, with investors tracking Wall Street's negative close overnight and pressing sales in technology, energy, banking and shipbuilding stocks.

The benchmark KOSPI index, which opened more than 10 points down at 1,646.8 and dropped down to 1,638.4, is currently trading at 1,641 with a loss of 16.1 points, or 0.98%.

During early Asian deals on Tuesday, the South Korean won slipped to a 4-day low of 1190.05 against the US dollar. This may be compared to Monday's closing value of 1180.50. On the downside, 1193.4 is seen as the next target level for the Korean currency.

From U.S., the S&P/Case-Shiller home price index, is scheduled to be released at 9 am. Economists expect an 11.90% year-over-year decline in the 20-city composite house price index for August.

At 10:00 am ET, the Conference Board is scheduled to release its consumer confidence report for October. The report is expected to show that the consumer confidence index rose to 53.5 in October.

Tuesday during early Asian deals, the South Korean won declined against its Japanese counterpart. The won touched 12.92 against the Japanese unit, compared to 12.8060 hit late Monday in New York. On the downside, the next likely target is seen around the 13.03 level.

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