1 Month USD/KRW Moves Away From 1340 Amid Lower US Yields/Higher Global Equities

1 month USD/KRW drifted lower post the Asia close on Tuesday. From highs in the 1338/39 region, we pulled back close to 1335 by end NY trade. This left the 1 month NDF close to unchanged for Tuesday's session. Note onshore spot finished up at 1340 yesterday. This was highs for the pair going back to mid Feb.

• The slightly firmer won tone through US trade on Tuesday ignored higher USD/JPY levels (which got close to 151.00). The pull back in US yields, led by the front end, coupled with a better US/EU equity tone provided an offset.
• The Nasdaq recouped earlier losses to finish 0.39% higher, although the SOX index was still weaker in US trade, down nearly 1%, although the MSCI IT index rose 0.50%. To recap, the Kospi fell over 1% yesterday, while offshore investors sold $241.5mn of local shares yesterday.
• The local data calendar is empty until tomorrow's first 20-days of trade data is out for March. There are some annual general shareholder meetings which could be in focus, headlined by Samsung Electronics.
• Yesterday the FinMin pledged to ease taxes for firms looking to boost shareholder returns. This is part of the government's 'value up' program, see this link for more details.