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1 Month USD/KRW Firms As Yen Weakens, Onshore Markets Shut Today & Monday

KRW

1 month USD/KRW gravitated higher post the Asia close on Thursday. We got back close to 1332 late in NY trade, before ending closer to 1330.5. This was a won loss of just under 0.30%. Onshore spot finished up yesterday at 1328.25.

  • Note onshore markets are closed today and Monday for the LNY holiday period.
  • Thursday's move higher in USD/KRW likely reflected some spill over from higher USD/JPY levels, with yen the weakest performer in the G10 space. A firmer US yield backdrop will have also weighed at the margins.
  • In the equity space we had marginal gains for US indices, although tech related bourses outperformed, most notably the SOX.
  • Broader USD/KRW 1 month levels remain contained within recent ranges. Onshore markets out today and on Monday will clearly lighten liquidity though.

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