Commerzbank: Weak KRW, Hawkish BoK Expectations Persist

Commerzbank highlights that South Korea's export sector is seeing strong momentum, particularly in semiconductors and petroleum. However, the South Korean won (KRW) is still among the weakest currencies in Asia.

Analysts point to persistent hawkish expectations from the Bank of Korea (BoK) as a factor that has not reversed the won's weakness. The bank's cautious stance on inflation and policy tightening continues to weigh on the currency.

Despite solid export data, the won's underperformance suggests that structural or external factors—such as global risk appetite or US dollar strength—may be offsetting domestic positives.