South Korean Won: Leads Asia FX on tech support – MUFG
Lloyd Chan at MUFG highlights that the Korean Won has outperformed regional peers, helped by a softer Dollar and a resilient semiconductor and AI investment cycle supporting exports and inflows.
The South Korean Won has outperformed regional peers this month, driven by a weaker dollar and a robust semiconductor and AI investment cycle, according to his analysis by Lloyd Chan at MUFG. Despite recent appreciation, the Won is still considered undervalued after years of underperformance. However, the USD/KRW may be oversold in the near term, potentially leading to consolidation.
The broader trend indicates that a less favorable USD environment is creating opportunities for selective Asia FX outperformance, with the KRW being a standout performer.
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