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Won Hits Highest Level Since Mid-2018 Against US Dollar

KRW

USD/KRW has dropped through the psychological 1100 level for the first time since 2018. The pair last at 1099.10, just off session lows.

  • A research note from Citi pointed out that the downtrend in USD/CNH could lead to some signs of nervousness from under-hedged Korean exporters and make the 1100 level difficult to defend for local bids, which seems to have transpired.
  • A trade group survey last week showed South Korean exporters saw the won as too strong and cited currency volatility as one of their key concerns for next year. The survey suggests that KRW strength has pushed the currency outside the comfort zone of Korea's overseas and export oriented companies, exacerbating headwinds for the economy.
  • The won is one of Asia's best performers, it has gained 6.4% in Q4 so far and 15.3% from lows hit in March.
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