1 Month USD/KRW Back Sub 1300, But Remains Within Recent Ranges

1 month USD/KRW pulled back sharply post the Asia close on Thursday. From highs above 1305 we got back to the 1294 handle before sentiment stabilized. The 1 month NDF gained 0.61% in won terms for the session, in line with the BBDXY's loss of 0.60%. Note onshore spot finished yesterday at 1305.2.

• Won was aided by broad USD weakness, with yen close to a top performer in the G10 space. A recovery in US equity sentiment was also a positive, the SPX and Nasdaq both up over 1%.
• In the tech space, the SOX rebounded 2.77%, nearly completely unwinding Wednesday's sell-off. The MSCI IT rose just under 1%. To recap, the Kospi fell 0.55% yesterday, although offshore investors added $72.3mn to local stocks.
• More broadly, 1 month USD/KRW remains within recent ranges, recent lows rest just under 1286. On the topside, recent spikes above the 20-day EMA (now 1301.55) haven't been sustained.
• The local data calendar is empty until next Tuesday. Note the Vice Finance Minister will attend a meeting on the economy and inflation today (BBG).
• The authorities will also test extending won onshore trading hours to 2am in February next year (see this BBG link).