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- USD/KRW: Subject to risk sentiments and domestic data announcement – MUFG
USD/KRW: Subject to risk sentiments and domestic data announcement – MUFG
The Korean won weakened last week amid risk aversion, point out analysts at MUFG Bank. They forecast USD/KRW at 1470 by the end of the fourth quarter and at 1420 by the second quarter of next year.
Key Quotes:
“Despite a zero net change of US dollar and KOSPI index, Korean won weakened 0.8% last week as the postponement of China’s key figures release last week. The weakness of the Japanese yen which hit a 32-year low in the week has a negative spill-over effect on KRW.”
“Newly released trade data accentuated concerns over the export outlook for South Korea.
“There was news saying South Korea is considering temporarily banning short selling of shares and activating a stock market stabilization fund if there is a risk that the benchmark stock index will fall below 2,000 level.”
“Look ahead, the rise in US Treasury yields could continue to weigh on the KRW, but potential smoothing operations by authorities may help limit the degree of the currency’s depreciation. Q3 data will be released this week.”
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