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KRW: South Korea Watching FX Market Closely, Spot Last Near 1380

KRW
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Spot USD/KRW last tracked near 1380, slightly weaker in won terms for the session. Earlier highs crested 1382.85, which was sub intra-session highs from Monday trade, 1384.5. 

  • Headlines have crossed from EDaily (via BBG) that the authorities are closely monitoring the FX market.
  • As we noted in our morning KRW update, we might not be too far away from a point where the authorities start to push back against won weakness.
  • Spot USD/KRW is getting into the zone of 1380/1400 which marked earlier YTD highs. The slump in the won since the start of the month is also approaching 5% (assuming current levels hold into month end). This would be the largest monthly drop since early 2023, see the chart below. 

Fig 1: Spot KRW/USD Rolling Monthly Changes 

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Spot USD/KRW last tracked near 1380, slightly weaker in won terms for the session. Earlier highs crested 1382.85, which was sub intra-session highs from Monday trade, 1384.5. 

  • Headlines have crossed from EDaily (via BBG) that the authorities are closely monitoring the FX market.
  • As we noted in our morning KRW update, we might not be too far away from a point where the authorities start to push back against won weakness.
  • Spot USD/KRW is getting into the zone of 1380/1400 which marked earlier YTD highs. The slump in the won since the start of the month is also approaching 5% (assuming current levels hold into month end). This would be the largest monthly drop since early 2023, see the chart below. 

Fig 1: Spot KRW/USD Rolling Monthly Changes 

Keep reading...Show less