1 Month USD/KRW Holding Close To 1300, BoK Mins Later

1 month USD/KRW sits slightly sub Monday session highs in the first part of Tuesday trade. The pair last near 1299.7. Monday highs were close to 1303. We remain very much within recent ranges though. Spot is tracking near 1301.8, around 0.35% weaker in won terms versus Monday closing levels.

• For the 1 month NDF the 20-day EMA isn't too far away at 1303.8, although firmer resistance is like on any renewed spikes towards 1320, where other major EMAs rest. On the downside, recent lows rest at 1285.75.
• Onshore equities are around flat in the first part of trade and remain sub recent highs. Offshore investors are modest net sellers of local equities so far today (-$85.7mn).
• The local data calendar is empty today, but we get the BoK minutes later. Later this week we get the first 20-days of trade data for Dec.
• The other focus point will be on North Korea's missile test from yesterday, although financial market impact has remained limited to date.