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1 Month USD/KRW Breaks Above 1300, Before Retracing


1 month USD/KRW spent most of the post Asia close on the front foot, breaking above 1300 late in NY trade. We finished the Thursday session in NY just under 1297, 0.82% weaker in won terms. The 1 month NDF has weakened for the past 5 sessions straight. Spot USD/KRW finished up at 1294.85 in onshore trade on Thursday.

  • USD/KRW 1 month was likely aided off its highs as US equities ended the Thursday session on a positive footing. Tech related indices outperformed at the margin, with the MSCI IT up 0.72% (its first gain in 5 sessions), while the SOX rose 0.57%.
  • To recap, the Kospi outperformed yesterday, rising 0.43%, but the index remains sub 2600. Offshore investors were still net sellers of local equities, with week to date outflows now just over $1bn.
  • Today the BoK releases monthly data on residents FX deposits. We may also see headlines from President Yoon's trip to Vietnam.
  • MSCI also kept South Korea as part of its emerging market index. This follows MSCI stating South Korea needs to address 9 market accessibility issues before hoping to achieve developed market status.

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