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Continues To Outperform

KRW

The won continues to outperform. Spot is up a further 0.60% to 1277/78, while the 1 month USD/KRW NDF has fallen to the 1274 handle. We are seeing some modest support for the USD emerge, with the pair last around 1276/77. It remains an outperformance against the rest of the EM Asia FX bloc. There also doesn't seem much in the way of further downside, from a technical standpoint at least, with a potential move to the early June lows between the 1250/1260 region. On the topside, earlier December lows close to 1290 may offer resistance on any resumed move higher.

  • The won is benefiting from spill over from the firmer yen in the G10 space (USD/JPY back sub 132.00, -0.45% for the session), while the positive tone to equities is also helping (Kospi +0.70%). Offshore investors continue to sell local equities though, with a further -$52.3mn in net outflows.
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