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1 Month USD/KRW NDF Back Close To 1280, Net Equity Outflows Nearly $1bn Week To Date

KRW

1 month USD/KRW got above 1280 earlier, but we now sit back near 1278.5. This is still 0.30% weaker in won terms versus NY closing levels from Tuesday. USD/KRW has been unable to build on yesterday's downside momentum. Highs yesterday came in near 1283, while late last week the pair topped out in the 1288/89 region. Onshore Spot is holding near 1281 at this stage.

  • Outside of broader USD gains, which have been dominant against the AUD post the Q2 CPI miss, the won is also under pressure from equity market losses. The Kospi was off by 1.2% at one stage, we now sit at losses of -0.75%. Early gains in SK Hynix have given way to weakness, while Samsung is also tracking weaker.
  • Offshore investors remain net sellers of local equities, with a further -$213.mn in net outflows so far today. This brings week to date outflows close to $1bn.

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