Korean Won Hits Near 1-Year High on Weak Dollar, Chip Exports

The won's move is less a Korea story than a dollar story: Treasury buyback uncertainty and Iran-related sanctions risk are doing the heavy lifting, with chip exports adding a domestic tailwind. That combination matters for exporters and for regional FX desks, since the won is often the first place dollar weakness shows up in Asia. The open question is whether the export leg holds if the dollar stabilizes — a currency rally built mainly on the other side of the pair tends to unwind just as quickly.