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ASIA FX: Won Outperforms As Verbal Jawboning On FX Continues

ASIA FX
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In North East Asia FX, won gains have been a standout. Spot USD/KRW sits under 1385 in latest dealings, around 0.40% stronger for the session. Recent highs in the pair rest at 1391.6. 

  • Won gains have likely been spurred by a pick up in rhetoric around FX weakness from the authorities. Both the BoK Governor and FinMin remarking on volatility over recent sessions. The BoK Governor also stating it could impact the policy outlook. Such remarks may be encouraging some exit out of long USD/KRW positions. The won has still lost 5% for Oct, even after today's modest rebound.  
  • A better equity tone as the onshore session for South Korean stocks has unfolded, with markets up over 1%, has also likely helped at the margins.
  • USD/CNH got to a fresh high for Oct at 7.1498 in early dealings. Broader USD sentiment was stronger amid yen losses (post the weekend election result) and a firmer UST yield backdrop. However, we have since stabilized, last near 7.1455/60. Dips towards 7.1400 this afternoon have been supported.
  • USD/TWD has been relatively steady, holding close to 7.05/10 in latest dealings. 
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In North East Asia FX, won gains have been a standout. Spot USD/KRW sits under 1385 in latest dealings, around 0.40% stronger for the session. Recent highs in the pair rest at 1391.6. 

  • Won gains have likely been spurred by a pick up in rhetoric around FX weakness from the authorities. Both the BoK Governor and FinMin remarking on volatility over recent sessions. The BoK Governor also stating it could impact the policy outlook. Such remarks may be encouraging some exit out of long USD/KRW positions. The won has still lost 5% for Oct, even after today's modest rebound.  
  • A better equity tone as the onshore session for South Korean stocks has unfolded, with markets up over 1%, has also likely helped at the margins.
  • USD/CNH got to a fresh high for Oct at 7.1498 in early dealings. Broader USD sentiment was stronger amid yen losses (post the weekend election result) and a firmer UST yield backdrop. However, we have since stabilized, last near 7.1455/60. Dips towards 7.1400 this afternoon have been supported.
  • USD/TWD has been relatively steady, holding close to 7.05/10 in latest dealings.