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1 Month USD/KRW Sub Thursday Lows

KRW

1 month USD/KRW is below Thursday session lows, last in the 1330/31 region. The won is benefiting from lower USD/CNH levels (back under 7.2900), coupled with broader USD softness (BBDXY off ~0.15% since the start of the session). Lower US yields and a recovery in euqity futures are likely weighing on the USD. Onshore equities are weaker but are away from session lows, the Kospi last -0.30% (opening lows were around -1%).

  • For the 1 month, Monday session lows came in the 1325/1326 region, which may be targeted if we can test sub 1330.
  • Moving away from recent highs for USD/KRW is likely to be welcomed by the authorities, who stepped up their verbal jawboning on FX earlier in the week.

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