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Asian currencies traded mostly flat on Friday as investors avoided major positions ahead of Federal Reserve Chair Kevin Warsh’s closely watched Jackson Hole speech. The South Korean won bucked the trend, strengthening to a 13-month high after the Bank of Korea delivered its second consecutive interest-rate hike.
The U.S. Dollar Index was little changed near 99.18, remaining close to a one-week high and heading for a weekly gain of around 0.4%.
Markets are focused on Warsh’s Jackson Hole remarks for fresh signals on the Federal Reserve’s interest-rate outlook. Recent U.S. inflation data has kept the possibility of further monetary tightening in play. According to CME FedWatch, traders were pricing in roughly a 35% probability of a Fed rate hike in September and around a 75% chance of an increase by December.
Expectations for tighter Fed policy have kept U.S. Treasury yields elevated, limiting gains across most Asian currencies.
The South Korean won was Friday’s strongest regional performer. USD/KRW fell 0.3% to 1,377.0, its lowest level since July 2025. The move followed the Bank of Korea’s decision on Thursday to raise its benchmark interest rate by 25 basis points to 3%, marking a second straight hike and taking borrowing costs to their highest since February 2025.
The BOK also upgraded its 2026 economic growth forecast to 3.3% from 2.6%, supported by strong exports and semiconductor demand linked to the artificial intelligence boom. Governor Shin Hyun-song said additional tightening remained possible, although future moves would likely be gradual.
The Australian dollar also strengthened, with AUD/USD reaching a three-month high after hotter-than-expected inflation data increased expectations for another Reserve Bank of Australia rate hike this year. The currency was heading for its fifth consecutive weekly gain.
Elsewhere, USD/JPY was broadly unchanged at 159.40, while the Chinese yuan, Singapore dollar and Indian rupee showed limited movement as traders awaited fresh direction from the Fed.
