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KRW: Spot USD/KRW Testing Sub 1450, NEA FX Outperforming SEA

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EM BulletBulletSouth KoreaAPACEmerging Market News

Spot USD/KRW has gravitated lower in latest dealings, the pair back near 1449/50, up 0.55% in won terms versus end levels last week. This is close to recent lows, while earlier YTD lows in the pair came in at 1444.80. We are sub the 20-day EMA, which is back near 1454/55.

  • Broader USD sentiment has faltered somewhat today, with the USD BBDXY down around 0.25%. In the G10 space, higher beta plays like AUD and NZD are marginally outperforming. This is benefiting the won.
  • We may be seeing some reducing fears around near term tariff risks from the returning Trump administration, following Friday's call between Xi and Trump, while Trump also reportedly stated he wants to travel to China.
  • North East Asian currencies, led by the won, are outperforming currencies in South East Asia so far today. TWD is the second best performer, up 0.40%, behind the won.  
  • Regional equity sentiment is mostly positive, although the Kospi is only just in positive territory at this stage.
  • The local data calendar holds the PPI and first 20days trade data for Jan tomorrow. Onshore political turmoil continues, with the authorities formally issuing an arrest warrant for impeached President Yoon. 
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Spot USD/KRW has gravitated lower in latest dealings, the pair back near 1449/50, up 0.55% in won terms versus end levels last week. This is close to recent lows, while earlier YTD lows in the pair came in at 1444.80. We are sub the 20-day EMA, which is back near 1454/55.

  • Broader USD sentiment has faltered somewhat today, with the USD BBDXY down around 0.25%. In the G10 space, higher beta plays like AUD and NZD are marginally outperforming. This is benefiting the won.
  • We may be seeing some reducing fears around near term tariff risks from the returning Trump administration, following Friday's call between Xi and Trump, while Trump also reportedly stated he wants to travel to China.
  • North East Asian currencies, led by the won, are outperforming currencies in South East Asia so far today. TWD is the second best performer, up 0.40%, behind the won.  
  • Regional equity sentiment is mostly positive, although the Kospi is only just in positive territory at this stage.
  • The local data calendar holds the PPI and first 20days trade data for Jan tomorrow. Onshore political turmoil continues, with the authorities formally issuing an arrest warrant for impeached President Yoon.