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Free Access1 Month NDF Near 1334.5, Local Equity Outperformance Doesn't Aid FX
1 month USD/KRW largely drifted sideways post the Asia close on Wednesday. We ended the NY session near 1334.5, with moves above 1335 generally drawing selling interest. This was a won loss of 0.27%, the 4th straight session of losses. Note onshore spot ended yesterday's session at 1333.65.
- The won didn't appear to see much benefit from the pull back in US yields during US trade on Wednesday. Equally though, we had weakness in tech related equity indices. The SOX down over 1%, while the MSCI lost 0.62%, which likely weighed on KRW at the margins.
- To recap, yesterday saw the Kospi comfortably outperform the rest of the region, up over 1%. Optimism around Meta head Mark Zuckerberg's visit to Seoul to discuss AI with Samsung likely aided the outperformance. Offshore investors bought $473.3mn of local shares.
- Still, we didn't see any meaningful benefit to the won from this outperformance or fresh offshore inflows.
- The local data calendar is empty today, while note onshore markets are closed tomorrow for a public holiday. We still get Feb trade data out tomorrow though.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.