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Korean won rise to 32-month high vs greenback

Collected: 2017.12.27

Distributed: 2017.12.28

Source: Go Direct

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The South Korean currency soared to a 32-month high against the U.S. dollar amid broad weakness in the greenback and surge in the Chinese yuan with the momentum of latest central bank’s action implicating Beijing’s strategy to fortify its currency to back branding strategy of a strong currency equaling strong economy.

The Korean won on Tuesday closed at 1,076.1 versus the dollar, 3.6 won firmer than its previous finish and the highest since April 30, 2015. As of 1:15 p.m. the dollar is at 1,075.50 won.

The dollar’s weakening gained more traction after the People’s Bank of China this week lifted the official yuan midpoint to over 6.5 per U.S. dollar, the highest since September to reflect the spot demand in the Chinese currency. The yuan has gained 6 percent this year.

The surge in dollar supply after year-end trade settlements also fueled the upside in the won.

Most believe the won’s strengthening to continue next year in line with a weaker dollar and stronger yuan. But the rise has been steeper than most predicted as the dollar was estimated to finish at around 1,110 won this year.

Overshoot in the currency can undermine exports and weaken the economy that is currently led primarily by external demand.

By Chung Joo-won and Cho Jeehyun

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