South Korean Won Tests 2024 High
The South Korean won traded around 1,338 per dollar, hovering near its strongest level since October 2024 amid steady dollar selling by semiconductor exporters. Thin holiday liquidity amplified corporate dollar supplies, pushing the rate toward the mid-to-high 1,330s. Robust September exports and a large trade surplus reinforced the won’s external backdrop, with exports surging 83.5% year-on-year to a record $120.9 billion, led by a 262.8% jump in semiconductor shipments, while the trade surplus expanded to a record $49.85 billion. Additionally, the dollar softened amid reduced expectations for near-term Fed tightening following softer US jobs and inflation data. Meanwhile, US Treasury yields remained elevated, with the 10-year yield around 5.28% after recently reaching its highest level since 2002, limiting the won’s gains.
The South Korean won traded around 1,338 per dollar, hovering near its strongest level since October 2024 amid steady dollar selling by semiconductor exporters. Thin holiday liquidity amplified corporate dollar supplies, pushing the rate toward the mid-to-high 1,330s. 85 billion. Additionally, the dollar softened amid reduced expectations for near-term Fed tightening following softer US jobs and inflation data.
28% after recently reaching its highest level since 2002, limiting the won’s gains.