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1 Month USD/KRW Back Above 1280, Amid Cross-Asset Headwinds

KRW

1 month USD/KRW is back above 1280 (last 1281/82) and not too far off highs from last week around ~1284. Spot USD/KRW has spiked around 0.90%, to be back in the 1283/84 region, this is the pairs strongest gain in 5 weeks. The 20-day EMA sits noticeably higher though, back around 1299.

  • Won headwinds are evident from higher USD/CNH levels, with this pair back to 7.1500 and above highs from Friday. Local equities are also weaker, the Kospi off by 0.80% and back close to 2600 at this stage (SocGen shifted its South Korea equity weigh back to neutral). Offshore investors have sold -$282.3mn of local shares today.

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