Won May Face More Pressure as Tariff Risk Adds to Jitters
- Mizuho, Maybank expects won to remain weak amid trade tensions
- Currency dropped to 1,410.70 per USD last week, a two year-low
The South Korean won, the second-worst-performing currency in Asia this year, looks poised to weaken further as Donald Trump’s tariff threat clouds the export-reliant country’s economic outlook.
The won dropped to 1,410.70 per dollar last week, the lowest since November 2022, amid fears that the US President-elect will levy steep tariffs on Korean goods. Mizuho Securities Co. and Meritz Securities Co. predict it may fall another 0.7% from the recent trough to 1,420 per dollar. The currency has dropped more than 7% this year.