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1 Month USD/KRW To Fresh YTD Highs, Onshore Markets Closed Until Next Wednesday

KRW

1 month USD/KRW tracked higher post the Asia close. By the NY session we had got to 1357.50, fresh YTD highs, before pulling back somewhat into the close. We ended just under 1354, a modest won loss versus end Tuesday levels. Note spot USD/KRW closed yesterday at 1349.40.

  • Note that onshore markets are closed from today, re-opening next Wednesday. This is to celebrate the Harvest Moon period.
  • Late yesterday, the South Korea FinMin stated the authorities stand ready to act on FX if needed. This will remain a watch point for investors. The 1 month NDF will still trade but won't have onshore spot as anchor point while onshore markets are closed for the next few sessions.
  • Earlier headlines from North Korea stated it will accelerate modernization of nuclear weapons for strategic deterrence and that increasing production of nuclear weapons is an urgent task.
  • In the equity space, we had slightly better tech indices leads in Wednesday US trade. To recap, the Kospi finished a touch higher yesterday, while offshore investors sold a modest -$26.1mn of local shares.
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