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1 Month USD/KRW Back Sub 1300 On Improved Risk Appetite

KRW

1 month USD/KRW is down in early dealings, last around 1299/99, after ended last week at the 1306 level. This puts the pair 0.60% firmer in won terms so far today. Spot sits in the 1300 range/01 region. Onshore equities were down in early trade, but now sit back in positive territory (+0.05% for the Kospi).

  • The news of UBS's take over of Credit Suisse, coupled with efforts to boost USD funding by major central banks, has supported risk appetite in early dealings today. Higher US equity futures (+0.6% for Eminis) are offsetting the rebound in US yields so far today.
  • Such developments are likely to dominate won sentiment today, which will be a key gauge for broader EM Asia FX sentiment.
  • Locally, there is little in the way of event risks, with PPI for Feb due tomorrow, along with the first 20-days of trade data for March.
  • North Korea announced that it conducted a nuclear counterstrike exercise over the week, which was supervised by leader Kim Jong Un.
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