1 Month Firms Back To 1330 Amid Mixed Cross Asset Drivers, Q4 GDP Revisions Out Today

1 month USD/KRW gravitated back towards 1330/31 post the Asia close on Monday and we spent the offshore session close to the these levels. Ending NY trade 1330, left the won unchanged from end Friday levels last week (earlier lows on Monday were just under 1326). For onshore spot, we ended Monday at 1331.35.

• Won sentiment was likely weighed by the rebound in US yields, amid some hawkish Fed speak. In the equity space, we still had tech related indices outperforming broader softness. The SOX rose over 1%, while the MSCI IT gained 0.31%. This likely helped limit the fallout for the won from higher US yields.
• To recap, the Kospi posted a solid rise of 1.21% yesterday, but was unable to break above recent highs close to 2700. Offshore investors added $743mn to local equities.
• On the data front today, we have Q4 GDP revisions out shortly. The market consensus if for unchanged q/q growth at 0.6% (same for y/y at 2.2%).
• Note as well BoK Governor Rhee will attend a seminar on the labour market.
• North Korea has objected to the annual South Korea-US military exercises, which kicked off yesterday, with familiar rhetoric.