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Won Hits Weakest In 3-Weeks

KRW

The won has come off session worsts in Asia, USD/KRW last down 4.35 at 1103.85 after gapping to 3-week highs of 1107.00 at the open on a stronger USD after reports in the WSJ that Janet Yellen would not target a weaker currency.

  • According to the report Yellen is expected "to affirm the U.S.'s commitment to market-determined exchange rates when she testifies on Capitol Hill Tuesday, and she will make clear the U.S. doesn't seek a weaker dollar for competitive advantage."
  • South Korean President Moon delivered some comments, he noted he hoped to hold an early summit with US President elect Biden to build trust, and said he was confident the economy would return to pre-virus levels in the first half of 2020 with hopes for herd immunity by November at the latest.
  • There were more positives regarding pandemic, new cases dropped to 389 in the last 24 hours, the lowest increase since November.
  • As a note, contacts flag USD selling from exporters.
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