USD/KRW hits fresh 2.5-year tops above 1,160 on awful S. Korean GDP and fx intervention talks

The South Korean Won (KRW) extended its slide versus the US dollar (USD) following the forex intervention remarks from South Korea.

South Korean Deputy Finance Minister was reported as saying that they will take steps if there are any abnormal moves seen in foreign exchange markets.

His comments come after South Korea reported the worst economic growth in the first quarter since the Global Financial Crisis (GFC).

South Korean Q1 2019 GDP arrived at -0.3% q/q vs. expected +0.3% q/q, worst since Q4 2008 while on an annualized basis, it arrived at +1.8 % (vs. expected of +2.5%.

The USD/KRW cross hit the highest level since January 2017 at 1,161.39 on the forex intervention talks.