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1 Month USD/KRW Close To Recent Highs, Finance Minister To Discuss Export Measures

KRW

1 month USD/KRW finished the Wednesday NY session at 1315, which is not too far recent highs. Note onshore spot ended yesterday at 1310.75. Post the Asia close won sentiment was weighed down by weaker equity sentiment in the tech space, while higher USD index levels into the NY close were also evident.

  • The local data calendar is quiet until tomorrow when the February BoP goods balance and current account figures print. There are no consensus estimates for these outcomes.
  • Note today Finance Minister Choo Kyung-ho will hold a meeting to discuss export measures. Nuclear envoys from South Korea, Japan and the US will hold meetings in Seoul today and tomorrow.
  • South Korean President Yoon will also address a joint session of congress in late April (27th) as part of his US trip.
  • In the equity space, the SOX lost 1.8% on Wednesday, as it continues its recent correction lower. The MSCI IT lost 1.23%.
  • To recap, the Kospi rose 0.59% yesterday, with offshore investors adding $128.1mn to local stocks. This was the first daily inflow since the end of March.
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