1 Month Near 1310, As Tech Equity Rebound Helps Offset Higher US Yields

1 month USD/KRW couldn't break sub recent lows near the 1305 level. We got above 1312 post the US CPI print but found selling interest. The pair spent much of the rest of the US session near 1310, which is where we finished up. This left the won modestly weaker for Tuesday's session. Note onshore spot finished up at 1310.85 yesterday.

• Some offset from higher US yields and pared rate cut expectations post the US CPI print came from a firmer global equity market backdrop. US and EU markets finished higher, with benchmark indices gaining more than 1%.
• In the tech space, the SOX and the MSCI IT index both rebounded over 2% each.
• To recap, the Kospi rose 0.83% yesterday, although offshore investors still sold $192.7mn of local shares.
• The vice chair of the Financial Services Commission, Kim Soyoung, stated yesterday that ending the 'Korea Discount' is a key policy focus (see this BBG link). Cutting dividend income taxes is reportedly under consideration.
• On the data front we have Feb unemployment figures on tap shortly. The market expects a steady outcome at 3.0%. Later on, Feb bank lending to households is due.
• Levels wise for the 1 month NDF, 1305 obviously is a key focus point on the downside. The 200-day EMA sits back at 1318 on the topside.