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Won Surges On Offshore Inflows/FX Hedging Request

KRW

USD/KRW 1 month is hitting fresh lows for the session, now back to the 1336 level, a full 1% below NY closing levels. Highs for the session have been back close to 1350. Spot won is up 3% so far for the session. The won is outperforming the majors, where the USD has been more supported, and other USD/Asia pairs. Notably USD/CNH is holding above 7.1700, leaving the CNH/KRW cross back to the 186.34 level, fresh lows going back to early June.

  • The Kospi remains up strongly, but hasn't built on earlier gains (last around +2.80% for the session). Offshore investors have added $318.9mn in fresh inflows for the session though.
  • The other kicker for the won has come from the Finance Minister asking public institutional investors to boost their FX hedging on existing offshore assets. This is designed to limit the impact on USD/KRW from outflows to offshore assets from this investor base.
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