After a 17-month low, a Korean asset class saw gains amidst Middle Eastern concerns and Federal Reserve rate views.

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After a 17-month low, a Korean asset class saw gains amidst Middle Eastern concerns and Federal Reserve rate views. - Korea Economic Daily

Quick Summary:

Once the local currency was at risk of breaking through the level, South Korea’s foreign exchange authorities were suspected of selling the US currency with their first official warning against the local currency’s sharp depreciation since September 2022, currency market participants said.“The foreign exchange authorities are closely watching the currency’s movements, supply and demand dynamics in the foreign exchange market and other factors with special vigilance,” said Oh Kum-hwa, chief of the Bank of Korea’s international department, and Shin Joong-beom, head of the Ministry of Economy and Finance’s international finance bureau.“Excessive herd behaviors in the foreign exchange market are undesirable for the local economy.”After the warning and suspected currency intervention, the won ended the local currency market down 0.8% at 1,394.5, the weakest close in 17 months, extending its losing spree to seven straight sessions.

The South Korean won currency on Tuesday fell to the weakest level in 17 months, briefly touching the psychologically important 1,400 per dollar level, as foreign investors sold the country’s assets on the growing concerns over a wider Middle East conflict and expectations of the US Federal Reserve’s slower interest rate cut.

FOREIGNERS DUMP STOCKS, BONDSForeign investors sold South Korean stocks and bonds, given such bearish factors.They sold a net 284.1 billion won ($203.8 million) worth of stocks in Seoul’s main market, pushing down the Kospi by 2.3%, according to the Korea Exchange.