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1 Month USD/KRW Firms, As Early Risk-On Bid Wanes

KRW

1 month USD/KRW is firmer, after opening around 1293, we last tracked above 1298, around +0.4% above closing levels from the end of last week. Note Friday session highs were around 1305 in the pair. Spot is back above 1300.

  • This is line with broader risk moves, as US equity futures have moved off session highs. The Kospi opened higher, but is now back to modest losses (-0.35%). Higher beta pairs in the G10 space (AUD & NZD) are also off session highs.
  • Earlier North Korean missile tests could have also weighed on sentiment, although these have been quite frequent in March and are likely to continue amid further US-South Korea military exercises.
  • The bigger driver is likely to be US equity sentiment, with continued focus on banking sector developments.
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