The South Korean Won becomes Asia's Strongest Rising Currency
The South Korean won is forecasted to strengthen further after recovering from a 13-year low and becoming Asia's strongest performer. The impetus for the strong recovery of the domestic currency of South Korea, a major exporting country, comes from an improved global trade outlook.
The Won rose 6% against the dollar in November 2022 which recorded the biggest gain among major Asian currencies, as investors expected the US Federal Reserve (Fed) to increase interest rates less and China eases Zero COVID policy. Furthermore, the drop in oil prices from 14-year highs could also help narrow the trade deficit of South Korea, an economy that is dependent on imported fuels.
ph: instagram@koreninrenklerii
Yuanta Securities Co. predicts that the won will strengthen to above 1,300 won to 1 USD, from about 1,340 won last week. According to Societe Generale, the won will continue to outperform other major regional currencies such as the Taiwan dollar and the yuan.
The won is in a recovery trend after falling sharply against the US dollar and became the Asian currency in the third quarter of 2022.
If the Bank of Korea decides to focus more on supporting the economy rather than curbing inflation by raising interest rates by 25 basis points this week, rather than by 50 basis points, that could really support the won - say strategists at Societe Generale.
However, the path of the won's recovery could be a bit bumpy as the future of the Fed's monetary policy remains uncertain and the real estate market in Korea is weakening. Last week, apartment prices in South Korea fell to a record as rising interest rates made potential buyers reluctant to buy a home.
The South Korean Won becomes Asia\'s Strongest Rising Currency
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