The USDKRW currency pair declined by 0.7% to trade lower on relatively mixed economic data in the Asian session.  Falling from resistance at 1,132.44, the USDKRW exchange is currently trading at 1,122.80.

Traders optimistic of the South Korean economy saw consumer confidence in October rise to a reading of 100 – breakeven for the index.  Although the gauge continues to remain at a 5-month low, the recent monthly release is an improvement from September’s 99.  The higher rate of confidence could translate into rising retail sales figures – with the latest round set to be released in November.

However, overall gross domestic product mildly disappointed KRW bulls.  According to reports by the country’s central bank, third quarter expansion grew at a slower pace compared to the second quarter’s 0.9%.  For the record, third quarter growth advanced by 0.7%.  Annualized expansion is now in the area of 3.5%, in line with previously trimmed forecasts.  Although the recent spate of economic growth isn’t as robust as previously thought, South Korea’s economy continues to churn ahead at a healthy pace compared to other industrialized nations.  With consumer prices still on the rise above 4%, speculation continues to believe in a near term rate hike by the Bank of Korea.

The sentiment is lending a bullish bias on the South Korean currency as traders eye the next support levels at 1,100 and 1,090.