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1 Month USD/KRW Back Above 1300

KRW

1 month USD/KRW got above 1305 in NY trade on Friday, amid broad USD strength. We settled slightly lower by the close, just under 1303. Friday's lows were around the 1292.50 region. Note onshore spot ended Friday's session at 1299.05. The pair remains comfortably below Wed/Thur session highs of 1325/26, with the won holding a good proportion of gains post the BoK/NPS swap announcement.

  • The local data calendar is empty today, but the BoK will release a report on the China's reopening impact on the local economy at around 12pm local time.
  • Earlier comments from BoK Governor Rhee stated inflation should slow to a 3% level in the first half of this year, and may slip even further in the second half.
  • The equity lead from offshore tech indices is slightly negative from Friday's session, with both the SOX and MSCI IT indices slipping modestly. To recap the Kospi rose 0.38% on Friday, while offshore investors added $133.8mn, bringing net inflows for last week to +$796.9mn.

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