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1 Month USD/KRW Holding Near 1360, As Stronger USD Trend Offsets Better Local Data

KRW

The 1 month NDF hasn't been able to make fresh headway above 1360 so far today. The pair in a rough 1355.50-1360.50 range so far today. Spot markets have returned, which pushed above 1360 in earlier dealing but couldn't get beyond highs of 1362.50.

  • Local equities are playing catch up to the downside, the Kospi off by over 2.0%, but this largely reflects catch up with weaker global equity sentiment since onshore markets closed from last Thursday through to yesterday.
  • Offshore have been early net sellers of local stocks, with -$331.2mn in net outflows so far.
  • The BOK stated earlier volatility is being watched in markets and they will stake steps if needed (see this BBG link for more details)
  • The data backdrop looks better across trade figures (from Sunday) and IP today. Also note the September PMI rose to 49.9 from 48.9 in August. This is back to mid 2022 levels.
  • Broader USD sentiment, amid higher US yields, with the associated spill over to global equity sentiment is proving a powerful offset though in terms of the won.
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