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USD/KRW Probing Higher, Fresh Warning From FinMin

KRW

The South Korean Finance Ministry has issued a statement indicating that it is prepared to take swift measures if market volatility rises.

  • The ministry noted: "South Korea will swiftly take bold measures if financial markets show excessive volatility deviated from economic fundamentals, according to statement from finance ministry." (BBG)
  • The market reaction has been muted so far, although we are seeing a pick up in such rhetoric over recent sessions, as well as from the BoK.
  • Spot USD/KRW continues to climb, last in the 1392/93 region, which is fresh highs back to Nov 2022. The 1 month NDF is probing higher, last around 1390. The logical upside target will be the 1400 level, although we may a further step up in rhetoric or actual action from the authorities if this level is breached.
  • In the equity space, local equities are weaker. The Kospi is off 1.5% in early Tuesday dealings, which follows a negative Tech lead from Monday trade, as US yields recovered.
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