Korea Macro Daily(Beta Mode)
Won Slumps to 17-Year Low as Chip Stocks Rally
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| KOSPI | 8,435.34 | +0.48% |
| KOSDAQ | 947.57 | +2.93% |
| USD/KRW | 1,556.92 | +0.99% |
| Samsung | 342,500.00 | +6.04% |
| SK Hynix | 2,741,000.00 | +4.30% |
| Brent Crude | 73.46 | +0.42% |
| Gold | 4,012.20 | -0.25% |
| Bitcoin | 58,221.23 | -3.19% |
| Korea Short-term Rate | 2.54% | +0.79% |
| Korea Long-term Rate | 4.08% | +9.04% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Korea Short-term Policy Rate | Type: macro_line | Short-term Rate %: 2.537 (2026-05-01) | Range: 0.56–3.639 | Trend(6pt): 0.56,2.959,3.639,2.965,2.517,2.537
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| Exports Year-over-Year | 53.20 | - | 16:00 |
| S&P Global Manufacturing PMI Index | - | - | 16:30 |
| Wednesday (2026-07-01) | |||
| BoK Gov Shin Speech | - | - | 00:45 |
| Inflation Rate Year-over-Year | 3.10 | 3.20 | 15:00 |
- Korean won fell to a fresh 17-year low at 1,556.92 versus the dollar as foreign investors sold stocks.
- KOSDAQ jumped 2.93% on news of a $519 billion semiconductor expansion by Samsung and SK Hynix.
- Exports data and June inflation print due this week will test BoK tolerance for currency weakness.
Yesterday's Recap
Equity markets rose as details emerged of a $519 billion domestic chip investment plan by Samsung and SK Hynix. KOSPI gained 0.48% to 8,435.34 while KOSDAQ surged 2.93% to 947.57, led by Samsung Electronics (+6.04%) and SK Hynix (+4.30%). The won depreciated 0.99% to 1,556.92, extending its slide on sustained foreign equity outflows.
Bank of Korea intervened with an estimated 20 trillion won to slow the depreciation. Short-term rates edged up 0.79% to 2.54% while long-term yields climbed 9.04% to 4.08%. Brent crude rose 0.42% to $73.46, adding mild imported inflation pressure.
The Day Ahead
South Korea will release June exports year-over-year at 16:00 ET, followed by the S&P Global Manufacturing PMI at 16:30 ET. Markets will watch for any sequential improvement in shipments to the US and China. On 1 July, BoK Governor Shin will speak at 00:45 ET before the June inflation rate prints at 15:00 ET, with consensus at 3.2% year-over-year.
Traders will parse Shin’s remarks for signals on whether further won defense measures are planned. The data sequence will shape expectations for the BoK’s July policy meeting.
Other Economic Notes
The $519 billion chip megaproject underscores Korea’s strategy to lock in memory and AI supply-chain leadership despite global capacity shortages. Export-oriented manufacturers remain the primary growth engine, yet persistent won weakness raises imported inflation risks that could complicate the BoK’s 2.54% policy rate stance. Foreign portfolio outflows have accelerated since May, pressuring both the currency and equity valuations outside the semiconductor complex.
Global Macro News
The Japanese yen’s drop to a nearly 40-year low has intensified competitive pressure on the won, prompting coordinated FX vigilance in Seoul. Global chip demand continues to outstrip supply, supporting Samsung and SK Hynix expansion plans. Escalating US-Iran tensions lifted safe-haven bids for the dollar, amplifying won selling.
Korea Eximbank’s 20 billion won direct investment in FuriosaAI signals state backing for the domestic AI ecosystem. Brent’s modest rebound adds a further inflation vector for an import-dependent economy already facing 3%+ CPI prints.
