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1 Month USD/KRW Back Sub 1300

KRW

1 month USD/KRW got to 1295 post the weaker than expected US jobs data in NY on Friday. We closed slightly higher at 1297.60, still 0.76% stronger in won terms for the session. Note that onshore spot finished at 1305.20 on Friday.

  • Recent lows in the 1 month NDF come in around 1291/93 region, while early July highs rest near 1312.50.
  • The local data calendar is largely second tier until Thursday's BoK decision, with the central bank expected to remain on hold at 3.50%.
  • The near term onshore focus is stabilizing community credit cooperatives. A joint team, including the BOK, FSS and government ministries will be announced on Monday. The authorities stated that deposit outflows have stabilized in recent days.
  • In the equity space, the lead for the Kospi today is somewhat muted, with the SOX flat for Friday trade, while the MSCI IT lost 0.29%. To recap, the Kospi fell by 1.16% on Friday, while offshore investors sold -$55.4mn of local shares. Weekly flows were still positive though at $191.7mn.
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