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Free Access1 Month USD/KRW hits Multi Week Lows Before Equity Losses Drive USD Rebound
1 month USD/KRW slumped as far as 1283/84 post the Fed (we were above 1300 prior), before rallying into the close and finishing at 1297. Equity losses in the US tempered won sentiment late in Wednesday's session. Note onshore spot finished yesterday at 1307.70. The local data calendar remains empty today.
- This will leave the won driven by broader risk appetite flows.
- Note the Finance Minister and BoK Governor have met this morning, which is usual post Fed meetings. Headlines are crossing, with the authorities stating financial markets are maintaining stability but will be monitored and actions will be taken swiftly if this changes.
- The Finance Ministry will also hold a meeting with economists at 10am local time and the BoK releases its financial stability report at 11am local time.
- In the equity space, both the SOX (-0.81%) and MSCI IT (-0.88%) finished lower, although were at multi month highs earlier in Wednesday's US session. To recap, the Kospi rose 1.2% yesterday, with offshore investors adding $185.3mn to local shares.
- As we noted yesterday, the correlation between KRW and local equities hasn't been that strong of late, while offshore equity flows have lagged the improved Kospi trend.
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Why MNI
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