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1 Month NDF Back Close To Mid-June Lows

KRW

1 month USD/KRW tracked lower post the Asia close on Thursday. We finished up at around 1265, with the won gaining 0.61% in the 1-month NDF space. Spot onshore yesterday closed at 1274.70, so once against the early impetus will be to the downside for the pair.

  • The 1 month USD/KRW NDF largely tracked broader USD sentiment yesterday (with the BBDXY losing 0.68% for Thursday's session). The pair is now back close to mid-June lows (near 1263.50). A break sub this level could see 1250 targeted, which was last seen in early February of this year.
  • We did see some outperformance from tech related equities in US trade, with the SOX up 2.03%, the MSCI IT rising 1.65%. This followed a further pull back in US yields, with the real 10yr yield in the US back to 1.52% (we were at 1.79% at the end of last week).
  • To recap, the Kospi rose 0.64% yesterday, while offshore investors added $305.6mn to local shares.
  • On the data front today, we get May money supply figures, which is unlikely to move the sentiment needle.
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