KRW: Won Nearing Overbought on 14-day RSI
- Jawboning from the Finance Ministry has given the Won a boost today, yet it remains one of the worst regional performers over the last month, weaker by 2%.
- USDKRW is up +0.20% today in a generally weak day for Asia currency peers, as comments that "South Korea will closely monitor international financial markets and external conditions as global uncertainties are increasing, leading to continued volatility in the FX market", according to the finance ministry hit the wires this morning. (as per BBG).
- The 14-day Relative Strength Index show the Won continuing to look oversold given the continued weakness. USDKRW trades north of all major moving averages, with no technical support to stem its sell off.
- In a move widely tipped by economists, the BOK kept rates steady this week sharing concerns about the strength of the housing sector, whilst holding onto its easing bias.
- According to Yonhap "The finance ministry said Thursday it sold US$1.7 billion worth of foreign exchange stabilization bonds. The ministry has issued $1 billion worth of dollar-denominated bonds with a maturity of five years and $700 million worth of yen-denominated bonds with a maturity ranging from two to 10 years. Currency stabilization bonds are designed to raise the money needed by the government to keep foreign exchange rates stable."
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