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1 Month USD/KRW Back Sub 1300

KRW

1 month USD/KRW has traded with a firm negative bias since the onshore open. The pair got to 1296, -1% sub closing levels from the end of last week. Some modest support has emerged, with the pair last around 1298/99 Still, the won is the best performer within the Asia FX space and compared to the majors.

  • The won though has likely seen some positive spill over from lower USD/JPY level, which is down -0.50% so far for the session.
  • The won continues to outperformer the softer Kospi trend, although the local bourse is only down modestly (-0.15%) and comfortably above earlier lows. Offshore investors are net sellers of local equities so far today, -$60mn.
  • The other possible won support is the news around NPS increasing its hedging on offshore assets to 10%.
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