Won Holds Steady in 1,380s Against Dollar Ahead of Jackson Hole

The won was little changed against the dollar in the 1,380-per-dollar range as traders stayed on the sidelines ahead of Federal Reserve Chair Kevin Warsh's Jackson Hole speech.

In Seoul trading on August 28, the won-dollar exchange rate moved near the previous day's daytime-session close. The currency stayed in a narrow band around the 1,380 level rather than showing a clear direction.

The won is facing mixed drivers. The Bank of Korea's relatively hawkish stance a day earlier supported the currency, but a rebound in global oil prices after comments on Iran by President Donald Trump renewed pressure for dollar strength.

The Jackson Hole symposium later in the day also curbed active position-taking. With Warsh set to deliver his first Jackson Hole keynote since taking office, markets are watching for clues on the future path of US interest rates.

Traders are largely bracing for Warsh to stick to a broad message that the Fed will monitor inflation and economic conditions, rather than signal a clear policy direction right away. That is likely to keep the won-dollar exchange rate confined to the 1,380s until the speech.