1 Month USD/KRW Back Sub 1300, Aided By Yield Moves, Yen Gains

1 month USD/KRW pulled back lower post the Asia close on Monday. We got back to the low 1296 region, which is where we finished the NY session. This was a won gain of 0.43%, so slightly outperforming broader USD index losses. The won benefited from the broader core yield pull back and lower USD/JPY levels post the Asia close, which offset some modest equity losses in the major markets. Note spot USD/KRW finished yesterday's session at 1303.85.

• On the data front we have already had the Nov consumer sentiment index. The headline reading dropped for the 4th straight month, but remains above 2022 lows. Inflation expectations were steady at 3.4%.
• This comes ahead of the BoK policy meeting on Thursday. No change is expected but the focus will be on BoK's policy bias around the potential for further rate hikes.
• Later on today we get retail/department store sales, which are typically not a market mover. President Yoon also holds a cabinet meeting, where North Korea developments are expected to be in focus.
• In the equity space, tech related indices were mixed in Monday trade, the SOX off 0.23%, while the MSCI IT index was around flat. To recap, the Kospi fell a touch yesterday (-0.04%), while offshore investors sold $56.4mn of local stocks.