USD/KRW Falls 1% to 1,360.60, Lowest Since Sept 16

The won's move stands out less for its size than for its driver: foreign equity inflows, not the broad dollar cycle, are doing the work here. That distinction matters because it ties the currency's near-term path to the persistence of those flows rather than to US rate expectations alone, which is where most Asian FX direction is usually sourced. Whether the won keeps decoupling from its regional peers is the open question, and it is one that equity flow data, not headline FX levels, will answer first.