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South Korean Won Gains as U.S.-Japan Trade Agreement Fuels Market Optimism

The South Korean won strengthened considerably overnight as the USD-KRW exchange rate dropped to the mid-1,370 range. The move was driven by growing optimism surrounding recent U.S. trade deals with Japan and the possibility of similar agreements with other major economies, such as the European Union (EU). Reports highlighting progress in U.S.-EU trade talks also boosted the euro, exerting additional downward pressure on the dollar.

As of 2:00 a.m. Korea Standard Time (KST) on October 24, the USD-KRW exchange rate closed at 1,375.80, reflecting a sharp 12.00-won decline from the previous close in Seoul. Comparatively, this marked a 4.00-won drop against the prior day’s onshore closing rate of 1,379.80.

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Dollar Weakens as Global Trade Momentum Builds

The greenback continued to lose ground against the won during European trading, primarily due to Japan’s announcement of a reduced tariff deal with the U.S. Under the new terms, the nations agreed to lower the mutual tariff rate to 15%, a significant reduction from the initially planned 25%. This development has led to speculation that similar favorable trade terms might emerge in upcoming agreements with other economic powerhouses.

According to an exclusive report from the Financial Times (FT), citing anonymous insiders, the U.S. and EU are nearing a deal to impose a 15% tariff on EU imports, avoiding the steeper 30% tariff that U.S. President Donald Trump had threatened to enforce starting November 1. The EU’s anticipated consent to the reduced tariff aim would prevent the harsher measure, alleviating tensions in transatlantic trade.

Ian Lyngen, a strategist at BMO Capital Markets, noted in a client communication, “With the August 1 deadline approaching, the markets are reacting positively to recent breakthroughs in trade negotiations. Resolving trade disputes clarifies uncertainties in the global economy and provides much-needed direction for international markets navigating these turbulent times.”

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Dollar Index Slides as Sentiment Turns Bearish

The U.S. Dollar Index (DXY), which measures the dollar’s strength against a basket of six major currencies, extended its decline during New York trading sessions. By the end of overnight trading, the index lingered near the 97.3 mark, indicating waning investor confidence.

At 2:59 a.m. KST, the USD-JPY pair was trading at 146.525 yen, while EUR-USD reached $1.17590. The offshore Chinese yuan (CNY) stood at 7.1534 against the dollar. Meanwhile, the JPY-KRW cross rate was recorded at 941.64 won per 100 yen, and the CNY-KRW rate settled at 192.46 won.

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Trading Highlights: Intraday Swings and Trade Volumes

The USD-KRW pair experienced volatility throughout the session, hitting an intraday high of 1,383.00 and an intraday low of 1,374.70, resulting in a trading range of 8.30 won. Total spot foreign exchange trading volume for the day reached approximately $15.71 billion, as reported by Seoul Foreign Exchange Brokerage and Korea Money Brokerage.

The dollar’s continued weakness against the won and other global currencies illustrates the market’s optimism about resolving ongoing trade disputes. These developments remain critical for the stability of global trade and financial markets.

For further details, contact: sjkim@yna.co.kr

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