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September FX Reserves Out Tomorrow

SOUTH KOREA

There should be some interest in tomorrow's FX reserves print for September, particularly given recent efforts by the authorities to curb FX weakness.

  • USD/KRW broke through 1400 late in the month. Indeed, the won fall against the USD in September (6.95%), was the largest monthly drop since September 2011.
  • Q2 data showed the central bank sold a record $15.4bn defending the won. Although BoK data only goes back to Q3 2019.
  • Headline reserves sit at $436.43bn for August, down from the October 2021 high of $469.21bn.
  • One caveat with tomorrow's data will be the valuation impact on headline reserves. The DXY was up 3.14% in September, so this will bias the reserves number lower, all else equal.
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