**Strong semiconductor-led export growth and Bank of Korea tightening have driven USD/KRW lower in 2026, with the pair recently testing the low-1,330s amid record shipments and corporate dollar sales.** Korea’s current-account surplus is projected to reach a record $450 billion this year, supported by AI-related chip demand that has lifted exports more than 100% year-over-year in early October. The BOK raised its policy rate to 3.00% with further hikes possible, narrowing the differential versus the Fed while supporting the won despite elevated U.S. Treasury yields. Analysts currently see the pair consolidating near 1,330–1,400 through year-end, with resistance around 1,367–1,390 and potential support near 1,320 or lower if export momentum holds. Key near-term catalysts include the BOK’s October 22 decision, October FOMC, monthly export releases, and any shifts in oil prices or foreign equity flows.