The South Korean won weakened to around 1,433 per dollar on Wednesday, extending losses for the second session as investors remained cautious amid the APEC summit talks in Gyeongju. Authorities maintain a neutral assessment of the prospects for progress, stating that the administration is “neither optimistic nor pessimistic”. Discussions are expected to concentrate on the implementation of South Korea’s $350 billion investment pledge under the framework trade agreement reached in July. Prospects for concluding an agreement to reduce US import tariffs on South Korean goods during Trump’s visit have diminished, with discussions stalled over the valuation methodology and funding structure of the investment pledge. Separately, investors were also focused on the US Federal Reserve’s policy decision later in the day. Markets widely expect a 25-basis-point rate cut, though uncertainty over the Fed’s forward guidance has kept sentiment cautious ahead of the announcement.

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