The South Korean won traded around 1,337 per dollar, marking a four-week high and moving close to its strongest level since October 2024, as robust external balances supported the currency. South Korea recorded a current account surplus of $46.1 billion in August, the second-largest on record, with the goods balance alone posting a surplus of $46.81 billion. September export figures reinforced this favorable external backdrop, with shipments soaring 83.5% year-on-year to a record $120.9 billion and the trade surplus widening to an all-time high of $49.85 billion.
Holiday-thinned liquidity further amplified corporate dollar selling, helping the won maintain levels in the mid-to-high 1,330s. At the same time, the US 10-year Treasury yield hovered around 5.3% after recently hitting its highest point since 2002, while the dollar index remained near its strongest level since April 2025. Additionally, the latest Federal Reserve minutes indicated that most policymakers still favored another interest rate hike by year-end, capping further gains in the won.
