USD/KRW Tests 1,450 Won as Middle East Tensions Ease, Dollar Index Falls to 101.3

According to Yonhap Infomax, on July 27, the USD/KRW rate is expected to test the downside around 1,450 won, driven by SK Hynix's ADR fund conversion selling and easing geopolitical tensions. The U.S. and Iran halted reciprocal airstrikes overnight, reducing Middle East risk premium and supporting won strength. The dollar index fell to 101.3, while WTI crude oil dropped to $84 per barrel in early Asian trading.

Selling pressure from SK Hynix's large-scale ADR redemptions and exporters' forward contracts adds downward momentum. Month-end positioning and WGBI inflows are expected to sustain dollar selling pressure, though limited buying appetite may constrain rallies below 1,450 won.