FX.co ★ South Korean Won Eases from Over-2-Month High

The South Korean won traded around 1,466 per dollar in late July, easing from a more than two-month high as investors turned cautious ahead of this week’s Federal Reserve policy decision. The currency’s retreat reflected market wait-and-see positioning for clearer guidance on the US interest rate path, with uncertainty over the timing of future moves lending some support to the dollar.

Even so, the won remained supported by improving external conditions. A pause in US strikes on Iran helped ease geopolitical concerns, pushed oil prices lower, and bolstered overall risk sentiment. Additional backing came from exporter dollar selling, with SK hynix’s record US listing raising roughly $26.5 billion and driving dollar conversions that fed into broader corporate repatriation flows. Policymakers have also urged exporters to bring overseas earnings back onshore, reinforcing the won’s recovery from its late-June low near 1,555 per dollar.