1 Month Back Sub 1380, Onshore Markets Return, CPI & PMI Out

1 month USD/KRW finished up at 1376.45 in Wednesday NY trade, a won gain of around 0.50%. Onshore markets return today after yesterday's Labour day holiday. Note on Tuesday onshore spot finished up at 1382.1.

• Won sentiment was buoyed by a less hawkish than feared Fed Chair Powell. He stated it's unlikely the next rate move will be a hike. Fed Funds futures have shifted closer to fully pricing a first cut in November again.
• Tsy futures sit off Wednesday highs, but US cash Tsy yields still finished lower. This initially benefited US equities, although the major benchmarks finished lower at the close. Weaker energy sentiment (amid lower oil prices) and softer tech earnings weighing.
• The SOX index fell 3.54% for Wednesday's session, the MSCI IT down 1.11%. To recap, the Kospi rose 0.17% on Tuesday, the index ending April just under the 2700 level.
• For the 1 month NDF, Wednesday highs were marked near 1386. On the downside we have the 20-day EMA, which continues to trend higher and last tracked near 1370.
• On the data front today we have Apr CPI out shortly. The market looks for close to a steady y/y outcome at 3.0% y/y (march's print was 3.1%). Out later is the Apr PMI (prior print was 49.8).
• Details from the Financial Services Commission on 'value-up' guidelines are also expected to be released (per BBG).