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KRW: Won Failed to Hold Above 1450 on Friday. 

KRW
EM BulletBulletSouth KoreaAPACEmerging Market News
  • Spot USD/KRW firmed into Friday’s close, having tested briefly 1,450, to finish at 1447.15,
  • The Won could see some upside today as the USD fell into Friday’s close on a weaker PCE .
  • There remains a key focus on the extension of the BoK/National Pension Service (NPS) Swap facility into 2025, with news of it being raised to $65bn from $50bn.  
  • Bloomberg noted on Friday that the NPS would be obligated to hedge if USD/KRW holds above 1450. The article likely had some impact into the USD/KRW inability to hold above 1450 into the close.
  • Various officials have been quoted as saying over the weekend that ‘NPS Strategic Hedging has not been implemented yet.’
  • The political instability of recent weeks has come at a time when of a surge in the USD on rate cut uncertainty, pushing through USD/KRW to levels last seen in 2008/09, causing authorities to act.
  • At today’s opening level of 1447.15 we are at 1-year highs and through all key technical levels.  The 20-day EMA is trending higher at 1427.30
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  • Spot USD/KRW firmed into Friday’s close, having tested briefly 1,450, to finish at 1447.15,
  • The Won could see some upside today as the USD fell into Friday’s close on a weaker PCE .
  • There remains a key focus on the extension of the BoK/National Pension Service (NPS) Swap facility into 2025, with news of it being raised to $65bn from $50bn.  
  • Bloomberg noted on Friday that the NPS would be obligated to hedge if USD/KRW holds above 1450. The article likely had some impact into the USD/KRW inability to hold above 1450 into the close.
  • Various officials have been quoted as saying over the weekend that ‘NPS Strategic Hedging has not been implemented yet.’
  • The political instability of recent weeks has come at a time when of a surge in the USD on rate cut uncertainty, pushing through USD/KRW to levels last seen in 2008/09, causing authorities to act.
  • At today’s opening level of 1447.15 we are at 1-year highs and through all key technical levels.  The 20-day EMA is trending higher at 1427.30