Asia’s Best Currency Performer Won Seen as Buy Again Early 2023
- Deutsche Bank’s Choi says won may rise to 1,100 per dollar
- Buy won when it weakens to 1,350-1,380 per dollar, Choi says
Bundles of 50,000 won banknotes.
Photographer: SeongJoon Cho/BloombergThis article is for subscribers only.
South Korea’s won has been Asia’s best-performing currency this quarter, but for those that missed its advance a better opportunity for buying may come early next year.
That’s the view of Choi Kyungjin, head of fixed income and currencies at Deutsche Bank AG in Seoul, who says the won may drop again to as low as 1,380 per dollar in the first quarter if thin markets at the year-end boost volatility. It would be a “very good level” to purchase the currency if the currency falls to that level to 1,350, said Choi, who sees the won rebounding to as high as 1,100 per dollar next year, a level last seen in mid-2021.