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Authorities Give Verbal Jawboning On FX Weakness

KRW

South Korean Finance Minister Choo has delivered some verbal jawboning for FX markets. The minister stating that the authorities are watching FX markets closely and will take adequate steps to stabilize markets if needed (see this link for more information).

  • There hasn't been a huge reaction, with spot USD/KRW dipping a touch towards 1336, but we now sit back at 1338. Earlier highs were just above 1340.
  • USD/KRW has gained more than 6% since mid July lows, while we aren't too far from YTD highs, which printed around the 1343 level in April and May of this year. The authorities may be wishing to avoid a sharp move higher in the pair through these levels.
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