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Won Weakens To Fresh YTD Lows, Familiar Drivers At Play

KRW

Spot USD/KRW has broken to fresh YTD highs. The pair last just above 1345. A continued move higher could see the November 22 high from last year near 1363 targeted. Moves above 1340 haven't been sustained in the pair back to late April of this year though, and the market may be mindful of a step up in rhetoric in from the authorities around FX moves. The 1 month USD/KRW last tracked at 1343, a touch below YTD highs.

  • Familiar drivers are in play for the won, with higher USD/JPY levels weighing, amidst a further rise in US yields.
  • Local equities are under pressure, the Kospi off by nearly 1.3% at this stage to 2463 in index terms. This is lows going back to mid-May of this year.
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