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1 Month USD/KRW Back Sub 1350, First 20-days Of October Trade Data Out Today

KRW

1 month USD/KRW spent most of the post Asia close on Friday tracking lower. From highs around 1357 we got back close to 1347, before ending the week at 1348.25. This was a won gain of 0.47% and compares with Friday closing levels from the prior week near 1351. Note onshore spot ended last week at 1352.50.

  • The won benefited from a broader pull back in the USD through the latter stages of last week, as US yields pulled back from cyclical highs. The US 10yr Tsy yield was unable to breach the 5.00% handle.
  • Still, working the other way was the continued weakness in global equity sentiment. The lead for the Kospi today is a negative one, the SOX fell 1.5% in Friday US trade, the MSCI IT index lost 1.73%, with both indices finishing comfortably weaker for the week.
  • To recap, the Kospi fell 1.69% on Friday, although offshore investors added $115.5mn to local shares, bringing last week's net inflows to $213.3mn.
  • Locally, we have the first 20-days trade data (October) out this morning. Also note BoK Governor Rhee will be before parliament today as part of the annual audit into the central bank.
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