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1 Month USD/KRW Holds Close To Recent Lows, Tech Equities Outperform On Monday

KRW

1 month USD/KRW didn't see much fall out from yesterday's softer (on balance) China activity prints. Post the Asia close, the pair found selling interest around the 1268 level. We ended Monday's NY session near 1263.40. We aren't too far off recent lows sub the 1260 level from early last Friday. Note onshore spot ended Monday's session slightly higher at 1266.70.

  • The local data calendar remains empty until later in the week when the June PPI and first 20-days of trade data is due for July.
  • The equity lead for South Korea is more positive today, with Monday trade delivering a +2.3% gain for the SOX and +1.14% move in the MSCI IT. These moves outperformed broader indices in the US.
  • To recap, the Kospi fell 0.35% yesterday, while offshore investors sold -$85.7mn of local equities. We still sit positive for July though from an inflow standpoint (+$1194.8mn).

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