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Forex Flash: Korean assets, and especially KRW, are facing renewed headwinds - BBH

Brown Brothers Harriman EM Strategist Ilan Solot, notes that Korean assets and especially KRW are facing renewed headwinds.

He begins by noting that tensions have been rising in the Korean Peninsula after the UN Security Council approved tougher sanctions against North Korea. He feels that perhaps the most important change here was that China was on board with the sanctions. He notes that the U.S. and South Korea are conducting military exercises as North Korea threatens to scrap the 1953 armistice and to cut off a Red Cross hotline with South Korea. Solot finish by writing, “We are concerned, as always, but we also recognize that past flare up in tensions have proven to be great buying opportunities for Korea assets in the past. At this point, we are still cautiously treating the current escalation in the same way. Still, KRW will remain under pressure given the combination of geopolitical tensions and JPY weakness.”

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