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1 Month USD/KRW NDF Pushing Towards 20-day EMA, Weaker Equities, US Yield Rise Weighing


1 month USD/KRW is pushing higher. The pair last near 1302.7, around 0.30% firmer for the USD versus Thursday NY closing levels. Spot is +1.1% higher in USD/KRW terms, last near 1305.

  • A weaker onshore equity backdrop, -0.9% for the Kospi is likely weighing at the margins, although for now the Kospi index remains above 2500.
  • Earlier export, trade surplus figures were better than expected, while the PMI edged up to 50.0. These prints haven't provided a lasting positive impact to sentiment.
  • Elsewhere US yields have rebounded from earlier lows, the 10yr last above 4.33% (earlier lows were under 4.31%). USD/JPY is back above 148.00, which is also likely adding to won pressures.
  • Note the 1 month USD/KRW NDF is not too far from the 20-day EMA near 1304.

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