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1 Month USD/KRW Close To 1290, Jobless Rate Edges Up To 2.6%


1 month USD/KRW spent the post Asia close on Tuesday hovering between 1290/1294, although we closed at the bottom end of this range. This was a gain of nearly 0.60% for KRW. The won benefiting from lower USD/JPY levels and generally positive equity market sentiment. Note onshore spot ended at 1293.70 for Tuesday's session.

  • The 1 month NDF is sub all key EMAs, lows from June 21 come in just under 1284, which could be a downside target in the near term. Highs from earlier in week came in close to 1305.5.
  • On the data front we have already had the June jobless rate, which printed as expected at 2.6% (prior was 2.5%). Later on, June bank lending to households is due. Tomorrow the main focus will be on the BoK decision, although no changes are expected.
  • Finance Minister Choo is holding an export meeting this morning, while Hyundai Motor's Union will reportedly stage a partial strike.
  • In the equity space, the lead is positive for the Kospi, although tech related indices underperformed broader indices during Tuesday's US session. To recap, the Kospi rose 1.66% yesterday, while offshore investors added $452.7mn to local shares.

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