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USD/KRW rebounds as Korea authorities signal comfort with Won gains

The move follows a report that the National Pension Service may halt or reverse forward-market dollar selling, after USD/KRW fell 15% since June.

Reported · Written up by our desk · Major Pairs

INGs Chris Turner said USD/KRW rebounded from 1335 after news that Koreas National Pension Service may halt or reverse its forward-market dollar selling.

Turner added that authorities appear comfortable with the Won strength, pointing to a 15% drop in USD/KRW since June.

ING expects consolidation in both USD/KRW and USD/JPY, arguing that reduced dollar selling pressure can allow the dollar to find broader support.

The commentary also noted that USD/JPY has weakened toward the 154.00 area, with the broader dollar tone influenced by rate-hike expectations for the Bank of Japan and ongoing bets around repatriation.

Latest closeUSD/JPY 157.84 ▼0.3%

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