Asian Currencies Rise, Led by Korean Won, on Banking Optimism

[Enivid]

Asian currencies climbed, led by the Korean won, as speculation U.S. bank finances are improving helped counter concern about a deepening global recession.

The won rose for a fourth day, the longest winning streak this year, after Citigroup Inc. said it was having its best quarter since 2007, easing concern swelling losses would prompt financial companies to hoard dollars. The Bloomberg-JPMorgan Asia Dollar Index, which tracks the region’s 10 most-active currencies excluding the yen, surrendered most of its gains after China reported a record drop in exports for February.

“The China trade numbers certainly were a party pooper for Asian currencies today,” said Emmanuel Ng, a strategist with Oversea Chinese Banking Corp. in Singapore. “The recent appreciation may prove an all-too-brief respite if the negative newsflow re-emerges.”

The won advanced 2.8 percent to 1,471 per dollar as of 3:23 p.m. in Seoul. The currency, which last week reached an 11-year low of 1,597, has jumped 6.6 percent in the past four days. The Asia Dollar Index rose 0.1 percent, after earlier climbing as much as 0.3 percent.

From Bloomberg News.