2008.12.1620:32:00UTC+00Correction: South Korean won rises to 37-day high against Dollar

(Please read 'FOMC' instead of 'FORMIC'in the third paragraph of the previous article. Corrected version follows)

The South Korean won gained ground against the US dollar in early Asian trading on Wednesday. The won advanced to a 37-day high of 1308.60 against the greenback by 7:05 pm ET, compared to yesterday's close of 1347.70. The dollar-won pair is presently trading at 1334.15. On the upside, the won may find resistance near 1295.3 level.

In economic news, South Korea will announce seasonally adjusted unemployment for November. Analysts are looking for an increase of 3.2 percent on year, up slightly from the 3.1 percent annual expansion in October.

In an unprecedented move, the US Federal Reserve established a target range for the federal funds rate from zero to one-quarter percent yesterday, bringing the target to its lowest level in over 50 years. Meanwhile, in the accompanying statement, the FOMC warned that the already weak economy is likely to get worse.

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