Regardless of what happens elsewhere, USD/Asia remains well supported and has been leading the USD higher for over 2 weeks now. USD/KRW is probably the lead pair and it is now trading above 1190 (and would be a lot higher if the BOK hadn’t intervened to ‘smooth’ out the rise).
Shares on the Kospi continue to fall, now down 4.5% and if this trend continues then the AUD/USD will struggle to hold onto its earlier gains.
