OCBC strategists note KRW support remains but expect moderation amid BoK meeting and US data focus.
USD/KRW has consolidated around 1384 after eight sessions of sharp declines, driven by exporter and month-end USD selling. However, a firmer USD tone and foreign equity outflows totaling USD5.1bn week-to-date have offset some gains.
Recent KRW strength shows signs of moderation, with daily momentum flat and RSI near oversold levels. Support levels are seen at 1375 and 1365, while resistance lies at 1390 and above.
Attention shifts to Thursday’s Bank of Korea meeting, where policymakers may pause tightening despite firm core inflation, citing KRW appreciation and tighter financial conditions. Upcoming US data and Jackson Hole events could introduce two-way volatility.