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1 Month USD/KRW Back Close To Week To Date Lows

KRW

1 month USD/KRW spent most the post Asia close on Thursday tracking lower, in line with broader USD weakness. A better tone to US equities also aided sentiment. The pair finished the NY session at 1268.50, while onshore spot ended yesterday's session at 1280.45. So, we should see some early downside impetus in the first part of trade today.

  • Won bulls will target earlier lows in the week in the 1 month NDF in the 1263/64 region, while yesterday's high came in around 1284.
  • Tech equity trends were mixed in US trade on Thursday, the SOX down (-0.85%), while the MSCI IT rose 1.11%, the 6th straight of gains. South Korean shares haven't followed these trends though in recent sessions, the Kospi down 0.4% yesterday, while offshore investors sold $-32.3mn of local shares. Week to date outflows are at -$152.1mn
  • The local data calendar is empty today, but the South Korean Finance Ministry releases its monthly economic report. It is expected to show a continued slowdown in economic conditions.
  • Early Thursday evening, South Korean time, North Korea reportedly fired 2 short range ballistic missiles. One missile reportedly landed in Japan's exclusive economic zone.
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