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Won Higher As Electronics Exports Increase

KRW

The won has strengthened in Asia on Monday, spot USD/KRW last down 2.55 at 1104.20, the pair is making up ground after markets in South Korea were closed at the end of last week for Lunar New Year.

  • At these levels the rate is the lowest since the end of January, and the pair approaches its 50-day moving average at 1100.02 after dropping through the 100-day moving average (currently 1118.02) just before the LNY break.
  • Data earlier in the session showed exports rose 69.1% Y/Y in the first 10 days of the month, imports rose 71.9% bringing the trade deficit to $2.46bn. Electronics exports continue to boom; chip exports up 57.9% in the period, mobile communication device exports are up 88%. Geographically exports to China rose 65.7%, US rose 91.4%, EU up 126.1%.
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