Can't Sustain Break Of 1420

1 month USD/KRW dips sub 1420 were supported yesterday. The pair closed NY at 1424.65, off overnight highs near 1430, as solid earnings results pushed US equities higher. Note spot ended yesterday's session at 1422.65. The domestic data calendar is quiet until Friday when PPI (September) and first 20 days trade data prints for October.

• The broader risk backdrop still looks supportive for the won, as least from an equity market standpoint. Tech equities lagged somewhat in US trading overnight, but futures are firmer in the first part of trading today (buoyed by Netflix's result).
• To recap, the Kospi ended up +1.36% yesterday, just near the 2250 level. Offshore investors were flat in terms of net flows though. Week to date net inflows are at +$196.8mn.
• South Korea/North Korea tensions remain a focus point, with shelling activity continuing to take place. This isn't a driver of market sentiment though.
• There are also some jitters in the domestic credit market, with yields on 3 month commercial paper surging. There was a default in the sector earlier in the month and concerns that liquidity may get worse heading into year end.