The South Korean won rose to around 1,400 per dollar on Thursday, rebounding notably from recent lows as optimism built around Seoul’s tariff negotiations with Washington and the possibility of a dollar swap line. US officials confirmed that a swap line with Korea remains on the table, even as such tools are increasingly politicized under Trump. President Lee Jae Myung also met US Treasury Secretary Scott Bessent in New York, stressing that tariff relief must be commercially rational, with Seoul wary that the proposed $350 billion investment package could destabilize reserves. Japan already secured tariff cuts through a $550 billion pledge, leaving Korea’s deal unresolved and capping gains. The won’s recovery therefore remains fragile, dependent on concrete progress in swap and trade talks. Meanwhile, the dollar held firm near recent highs as markets awaited US jobless claims later today and the PCE inflation report on Friday.
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