FX.co ★ South Korean Won Pressured by Strong Dollar

The South Korean won continued its downward trajectory, dipping beyond 1,400 against the dollar. This marks its third consecutive session of losses, reaching a one-week low. The decline is primarily attributed to the strengthening of the U.S. dollar. The dollar gained traction amid optimism surrounding a potential trade agreement between the United States and the United Kingdom. While the agreement would be the first of its kind since the U.S. implemented broad tariffs last month, specifics remain unspecified, and no official documents have been signed. Additionally, President Trump alluded to the possibility of relaxing tariffs on China, yet the uncertainty surrounding the upcoming trade discussions in Switzerland has tempered such optimism. On the domestic front, the export-reliant won received some support from data indicating the 23rd consecutive month of a current account surplus in March, fueled by strong export performance. The goods account reported a surplus of $8.49 billion, with exports rising 2.2% year-over-year, totaling $59.31 billion.