AI chipmaker Nvidia Corp.’s better-than expected earnings may be the catalyst the tech-reliant Korean won is looking for.
The currency has been Asia’s worst performing this month, on the back of falling exports, disappointing Chinese growth and higher US yields. The won has weakened 3.8% versus the dollar in August.
Investors will now be monitoring Korea’s trade data for August, after the first twenty days of the month showed a fall of 16.5% compared to last year. Min sees the won rising to 1,300 versus the dollar by the end of the third quarter. It closed at 1,324.78 on Friday. However, even after Nvidia’s results, the won still faces the challenge of China’s slowing economy, easily Korea’s biggest export market. Pressure on the currency could resurface as soon as this week if China’s manufacturing PMI for August remains in contractionary territory for a fifth consecutive month.
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