Korean Won Ends Losing Streak

The South Korean won rallied against the dollar on Friday, reaching its highest level in two weeks, according to

. This a reversal to the trend that had been seen earlier in the week, as the won had been depreciating against the dollar. Traders may have moved out of the won on euro fears, seeking traditionally safer currencies. On Friday, the Bank of Korea released a report stating that Korean exports for the month of April were record-setting. The nation's current account surplus was reported at $1.88 billion, which is up from March's figure of $1.33 billion. Bank of Korea's director Yang Jae Ryong stated that the exports will rise despite a stronger currency. Traditionally, a stronger currency has been seen as a detriment to exports, as foreigners may have to pay higher prices for the imported goods. If Yang Jae Ryong is right, and Korea's export-led economy can thrive despite an appreciating won, it may be tremendously bullish for the Korean economy. Traders might look to play iShares MSCI South Korea Index

. EWY attempts to return a value corresponding to the general strength of the Korean economy.