Won/Dollar at 1,520: Three Storms Converge on Korea's FX
Won/Dollar at 1,520 Won Threshold: Three Storms Converging on Korea's FX Market I've been watching the won-dollar pair all week, and the move through 1,510 felt different from the previous episodes. seoul's foreign exchange market spent May 22 staring at a number that was unthinkable just a few years ago: 1,520 won to the dollar. The won weakened 11.1 won in a single session, closing at 1,517.2 after touching 1,519.50 intraday. That puts it within a whisker of 1,520 — a line that, once crossed with conviction, could trigger the kind of panic dollar buying that rips through every corner of Korea's financial system. The won has now held above 1,500 for six straight trading days. Overnight, the NDF (non-deliverable forward) market priced the won at 1,519.30-1,519.40, with the 2 a.m. close settling at 1,517.40. That means traders in New York and London are betting the won will open weaker when Seoul wakes up. The Bank of Korea and the Ministry of Finance issued a joint ...