FX.co ★ South Korean Won Tests 2024 High

The South Korean won hovered around 1,338 per dollar, trading near its strongest level since October 2024 as steady dollar selling by semiconductor exporters supported the currency. Holiday-thinned liquidity amplified the impact of corporate dollar supply, nudging the exchange rate toward the mid-to-high 1,330s. The won’s external backdrop was further bolstered by robust September trade data: exports surged 83.5% year-on-year to a record $120.9 billion, driven by a 262.8% jump in semiconductor shipments, while the trade surplus widened to an all-time high of $49.85 billion. At the same time, the US dollar weakened amid fading expectations of near-term Federal Reserve tightening, following softer US labor market and inflation readings. However, gains in the won were capped by still-elevated US Treasury yields, with the 10-year yield hovering around 5.28% after recently touching its highest level since 2002.