1 Month USD/KRW Consolidates, Domestic Focus On 'Value Up' Program

1 month USD/KRW mostly tracked lower post the Asia close on Wednesday. After getting above 1317 late yesterday we ended NY trade near 1312, amid a broader USD pull back. Still, this was a modest won loss of 0.15% for the session. Won gains have stalled following a strong run higher at the end of last week/start of this week. Note onshore spot finished at 1314.35.

• Softer USD trends helped USD/KRW 1 month move off highs on Wednesday, which appeared to outweigh cross asset headwinds in terms of weaker tech related equity sentiment.
• Both the SOX and MSCI IT index finished down in Wednesday trade. US yields also continued to climb. The real 10yr yield is back to 1.89%, up from recent lows near 1.80%.
• To recap, the Kospi was 0.44% higher yesterday, with offshore investors adding $160.9mn to local shares.
• The data calendar is empty today, with trade price data out tomorrow.
• The BoK will releases its quarterly monetary credit policy report, following the non-rate decision board meeting. The FSC Vice Chair will also hold a value up meeting with institutional investors (per BBG).
• Note tomorrow focus is on the annual general meeting of Samsung C&T, which is seen as an important litmus test around the country's value up pledge (see this BBG link for more details).