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1 Month USD/KRW Capped At 1355

KRW

1 month USD/KRW got above 1355 in NY trade on Tuesday, but we finished the session back closet to 1351.0. This was still 0.38% weaker in won terms for Tuesday's session as a whole. Note onshore spot finished yesterday's session at 1353.55.

  • Won weakness was propelled by higher US yields, post stronger US data (most notably retail sales). US equities opened weaker, but recovered from lows as the session progressed. The SOX finished down 0.80% though, while the MSCI IT finished the session off 0.60%.
  • Finishing away from lows helped take won away from the 1355 level though. To recap, onshore equites rose nearly 1% yesterday. Offshore investors added $321.6mn to local shares.
  • The local data calendar is empty today, with focus on tomorrow's BoK decision. No change is expected, with the policy rate sitting at 3.50%.
  • On the geopolitical front, Russia's Foreign Minister Lavrov will reportedly make a trip to North Korea over today/tomorrow.
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