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1 Month USD/KRW Back Sub 1290, As US Real Yield Plunge Continues

KRW

1 month USD/KRW got to 1285.75 in NY trade amid broad USD weakness, led by +1% EUR gains. We ended the Thursday NY session at 1287.85, a won gain of nearly 0.40% and building on Wednesday's +1.43% rise. Note onshore spot finished yesterday at 1295.30.

  • Won bulls will target a test of Nov lows in the 1 month NDF, which came in at 1281.73. All key MAs sit at 1300 or higher in the pair. The closest is the simple 20-day near the 1300 level.
  • The won benefited from a further US yield pull back, as post FOMC sentiment continued to dominate. The real 10yr yield fell a further 18bps to 1.70%.
  • The SOX gained 2.67%, while the MSCI IT was closer to flat. Broader equity trends in US markets remain positive, albeit with gains well below Wednesday levels.
  • Offshore investors added $590.7mn to local equities yesterday, amid broad based gains.
  • The local data calendar is empty today, but note the Finance Ministry releases a report on economic trends. BoK Governor Rhee will speak at a conference on digital money.
  • Local news wires (Yonhap) are also reporting that North Korea may launch an ICBM in Dec (see this BBG link).
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