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Weak External Position Continues to Weigh

KRW

USD/KRW is breaking to fresh highs in early onshore trading this morning. The pair is around 1384.50, another cyclical high back to 2009. Broader USD strength is driving this trend, although the country's weaker external trade position continues to be a headwind.

  • Earlier, the July goods balance slipped into deficit (-1179mn, versus $3594mn previously). The current account surplus also narrowed sharply to $1088.7. The BoK noted that we may see a deficit print in August for the current account.
  • The BoK expects external trade headwinds to persist in the near term, see this link from yesterday.
  • Elsewhere, onshore equities have made a poor start to the session, with the Kospi off by 1.65% so far, while the Kosdaq is off by a similar amount.
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