Societe Generale notes the Korean Won has been one of Asia’s standout performers, with USD/KRW slipping from around 1,390 to 1,360 as local exporters sold Dollars ahead of the Chuseok holiday. The bank highlights a supportive backdrop, citing South Korea’s strong export engine and a sharp early-September surge in exports, driven by AI-related shipments alongside faster import growth.

Won benefits from robust exports

“The KRW remained one of the region’s standout performers, although the week was far from smooth.”

“USD/KRW started the week around 1,390 and retreat to 1,360 this morning as local exporters sold dollars ahead of Chuseok holiday.”

“The broader backdrop remains supportive, with South Korea’s export engine continuing to fire on all cylinders.”

“Early-September exports surged 78.3% yoy, led by AI-related shipments, while imports accelerated 26.7%.”