Jun 3 / 19:54 EDT

KOREA: The South Korean economy expanded at a faster than estimated pace in the first quarter on strong consumer spending and exports, Yonhap News reports citing the central bank. The economy grew 2.1% in the January-March period from the previous quarter, compared with an earlier estimate of 1.8% in April, the Bank of Korea said. Asia's fourth-largest economy also grew 8.1% from a year earlier, more than the previous 7.8%.

Jun 3 / 19:45 EDT

UK PRESS: Australia's planned "resource super profits tax," if implemented in its current form, is likely to hit earnings for London-listed groups such as Rio Tinto, BHP Billiton, and Xstrata starting in 2012, The Financial Times reports. Global supplies of minerals prevalent in Australia such as iron ore, coal and uranium may also be pinched as investment in marginal deposits is deferred, the report says citing industry representatives.

Jun 3 / 19:29 EDT

FOREX: The US dollar was holding modest gains vs. the euro and the yen in New York afternoon dealings, the greenback benefitting from a modestly improved market sentiment and by a paring back of positions ahead of Friday's key non-farm payrolls report. The US dollar starts in Asia thi smorning with an eye on tonight's data release, and with no major news concerning euro-zone debt out last night, market playesr are likely to seek guidance from flows in regional stocks. Dollar-yen is now at Y92.56 against Y92.65 in late US trade overnight while euro-yen is at Y112.59 vs Y112.75. Euro-dollar is at $1.2161 compared with $1.2167 overnight.

Jun 3 / 17:45 EDT

YEN SUMMARY: Opened at Y92.71/113.46 after Y92.05/81 and Y113.09/114.16 overnight ranges.-- With global stocks holding a positive tone, yen crosses were firm with dollar able to retest early highs at Y92.81 before stalling again in the face of reported offers stacked ahead of Y93.00, euro-yen seeing slight lift to Y113.80 before it too stalled and reversed. With risk appetites dimming, dollar slipped to Y92.45 area amid muted flows as euro-yen eased to Y113.10 just ahead of the option cut, though lift to Y92.60/113.45 was seen on mixed US data as stocks held respectable gains. Retreat was swift however, dollar skidding to Y92.20 as euro-yen sliced under the overnight low for trade to Y112.50, the pair continuing that rot for trade to Y112.10 shortly after the London close. Afternoon stock recovery saw dollar rebound to Y92.70 amid light flows as euro-yen returned to Y113.00 before ending at Y92.65