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Free Access1 Month USD/KRW Back To Low 1370 Region, First 20-days Of April Trade Data Due Today
1 month USD/KRW finished Friday's NY session near 1372.5, well off earlier highs above 1390, which came amidst a surge in risk aversion following headlines of an Israel strike on Iran. As risk sentiment stabilized the won recouped these earlier losses. Note onshore spot finished up at 1382.3 on Friday.
- Outside of broader risk moves, won sentiment was also aided by continued rhetoric from the authorities. The FinMin stated on Friday that authorities were ready to take firm and immediate action to curb excessive FX volatility. BoK Governor Rhee said FX stabilization efforts would likely depend on how Middle East events unfolded (per Rtrs on Friday).
- This is likely to reinforce the authority's preference that we don't see a sharp break through the 1400 level in the near term.
- We did see a negative finish to the end of last week in terms US equity sentiment, with tech underperforming. The SOX index was down sharply last week, (-4.12% on Friday), while the MSCI IT lost 3.0% on Friday. We continue unwinding of the tech outperformance theme from earlier this year.
- US equity futures have started today's session positively, perhaps aided by no further escalation in Middle East tensions from the weekend. To recap, the Kospi fell 1.63% on Friday, while offshore investors sold -$509.6mn of local shares.
- Today on the data front, we have the first 20-days of trade data for April.
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Why MNI
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