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1 Month USD/KRW Back Sub 1330, Jan Unemployment Figures On Tap

KRW

1 month USD/KRW drifted lower post the Asia close on Thursday, although we remain within recent ranges. We closed near 1327.5, a modest won gain for the session and little changed versus end Friday levels from last week (1328.8). Onshore spot ended yesterday at 1334.05.

  • Broader equity sentiment was positive across EU and US markets on Thursday, although tech related indices lagged. The SOX ended down 0.16%, the MSCI IT off 0.22%. This may have seen the won lag broader USD weakness at the margins.
  • To recap, the Kospi fell 0.25% yesterday underperforming the rest of the region. Offshore investors net sold a modest -$77.8mn of local shares yesterday.
  • On the data front, we have already had Jan trade prices print. We rebounded from Dec falls. Export prices are up 3.7% y/y (from -2.4% prior), while import prices are 0.2%y/y (from -4.0% prior).
  • Coming up shortly is the Jan unemployment rate. It's projected at 3.2% (prior 3.3%). Later on, Dec money supply figures are out.
  • Note also it is the anniversary of North Korea's late leader Kim Jong Il's birthday, so geopolitical risks could also be evident.

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