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1 Month Back Sub All Key EMAs, First 10 Days Of March Trade Data Due

KRW
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1 month USD/KRW hit fresh lows back to mid Jan on Friday during US trade. We touched 1308.85 (BBG), before rebounding, closing at 1135.8, which was still a won gain of 0.51%. Last week the 1 month NDF rose nearly 1.1%, its best weekly gain since mid Dec last year. Note onshore spot finished up at 1319.75 on Friday.

  • 1 month USD/KRW is now sub all the key EMAs, breaking sub the 200-day on Friday at 1318.3. The pair hasn't been sub all the key EMAs since the start of this year.
  • The generally positive global equity backdrop (albeit with losses for US and EU shares on Friday) has aided risk on flows into the won. This has been supported by a pull back in US yields, with yen outperforming in the G10 space (another positive for the won).
  • The Kospi remains within striking distance of the 2700 level, while last week offshore investors added $433.9mn to local shares.
  • Note the data calendar today has the first 10-days of trade figures out for March.
  • The Financial Supervisory Service will reportedly release interim results into a probe of local banks sales of equity-linked products tied to Hong Kong's China Enterprises Index (BBG).
  • Officials will also be in NY for the first two days of this week to discuss FX market reforms (see this BBG link).
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1 month USD/KRW hit fresh lows back to mid Jan on Friday during US trade. We touched 1308.85 (BBG), before rebounding, closing at 1135.8, which was still a won gain of 0.51%. Last week the 1 month NDF rose nearly 1.1%, its best weekly gain since mid Dec last year. Note onshore spot finished up at 1319.75 on Friday.

  • 1 month USD/KRW is now sub all the key EMAs, breaking sub the 200-day on Friday at 1318.3. The pair hasn't been sub all the key EMAs since the start of this year.
  • The generally positive global equity backdrop (albeit with losses for US and EU shares on Friday) has aided risk on flows into the won. This has been supported by a pull back in US yields, with yen outperforming in the G10 space (another positive for the won).
  • The Kospi remains within striking distance of the 2700 level, while last week offshore investors added $433.9mn to local shares.
  • Note the data calendar today has the first 10-days of trade figures out for March.
  • The Financial Supervisory Service will reportedly release interim results into a probe of local banks sales of equity-linked products tied to Hong Kong's China Enterprises Index (BBG).
  • Officials will also be in NY for the first two days of this week to discuss FX market reforms (see this BBG link).