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ASIA FX: Korean Won Recovering As Equities Bounce

ASIA FX
BulletEM BulletAPACEmerging Market News

Most Asian currencies are weaker against the US dollar during APAC trading today with the greenback itself lower (BBDXY -0.1%). However, the Korean won has strengthened with USDKRW down 0.3% to 1466.55 after a low of 1464.65 helped by commitments to financial stability.

  • The 2.1% jump in Korean equities, supported by US export exemptions, and the stronger CNH have supported the won today. In addition, acting president Choi reiterated that authorities would ensure market stability and the BoK said it would be flexible with monetary policy. Unsuccessful attempts were made today to arrest former president Yoon.
  • USDCNH is down 0.1% to 7.3352.
  • ASEAN FX continues to weaken against the greenback though with PHP underperforming. USDPHP is up 0.5% to 58.19 after falling yesterday. BSP stated that it expects the balance of payments surplus to shrink in 2025.
  • Bank Indonesia intervened to support the rupiah on Thursday, as it was pressured by concerns of fiscal sustainability after the president decided to sharply reduce the products facing a 1pp hike in the VAT rate. Today USDIDR is up 0.2% to 16225 but still below Thursday’s peak of 16259.
  • USDMYR and USDTHB are up 0.4% today to 4.4967 and 34.43 respectively.

 

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Most Asian currencies are weaker against the US dollar during APAC trading today with the greenback itself lower (BBDXY -0.1%). However, the Korean won has strengthened with USDKRW down 0.3% to 1466.55 after a low of 1464.65 helped by commitments to financial stability.

  • The 2.1% jump in Korean equities, supported by US export exemptions, and the stronger CNH have supported the won today. In addition, acting president Choi reiterated that authorities would ensure market stability and the BoK said it would be flexible with monetary policy. Unsuccessful attempts were made today to arrest former president Yoon.
  • USDCNH is down 0.1% to 7.3352.
  • ASEAN FX continues to weaken against the greenback though with PHP underperforming. USDPHP is up 0.5% to 58.19 after falling yesterday. BSP stated that it expects the balance of payments surplus to shrink in 2025.
  • Bank Indonesia intervened to support the rupiah on Thursday, as it was pressured by concerns of fiscal sustainability after the president decided to sharply reduce the products facing a 1pp hike in the VAT rate. Today USDIDR is up 0.2% to 16225 but still below Thursday’s peak of 16259.
  • USDMYR and USDTHB are up 0.4% today to 4.4967 and 34.43 respectively.