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1 Month USD/KRW Through Friday Highs, As Onshore Equities Struggle

KRW

1 month USD/KRW sits close to session highs, last near 1320 (highs at 1320.73). This is also above Friday session highs. Local equities have been unable to take positive US leads from Friday's session, the Kospi close to flat in recent dealings (we opened up +1.1% higher). A 0.30% dip in US equity futures for both Eminis and Nasdaq futures isn't helping. There doesn't appear to be any major headline drivers of this move. US bond futures sit close to Friday lows as well.

  • Offshore investors have been modest net-sellers of local equities so far today as well (-$45mn).
  • For the 1 month NDF we are back above the 200-day EMA (1317.57), while the 100-day sits near 1325.60. This is also close to early November lows.

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