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BoK Governor Says Won Pressure May Ease Post Dividend Pay-Out Period

KRW

1 month USD/KRW is trading with a slight downside bias so far today. We are back to 1338.5, around -0.15% down on NY closing levels. Spot is still above the 1340 level at this stage.

  • For the 1 month NDF, over the past week dips to around the 1335 region have been supported, while moves above 1340 have drawn selling interest. The recent high came in just under 1344. On the downside the 20-day EMA is just under 1327.
  • An earlier CNBC interview with BoK Governor Rhee touched on a number of topics. The Governor stated it was too early to discuss a pivot from a rates standpoint (1yr implied BoK policy rates sit around 13bps under the current policy rate, but are slightly higher for the next 3-6 months).
  • Rhee stated further Fed hikes can't be ruled out, while noting 2023 growth may be slightly below the Feb 1.6% forecast.
  • Rhee stated the bank isn't too concerned about day-to-day changes in the won, while also noting pressure may ease post the dividend outflow period.
  • In the equity space, the Kospi is tracking lower, down 0.70% at this stage, with offshore investors selling -$69.5mn so far.
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