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Early Strength Fades

KRW

1 month USD/KRW got close to 1336, which is around lows from late yesterday, but we are back around 1339.00 now, still around 0.25% firmer (in won terms) compared to the NY close.

  • The lead from equities is positive, the Kopsi up 0.60% at this stage. Sentiment has been buoyed after Goldman Sach's upgraded the country to overweight. We are away from best levels though, last around 2458, versus earlier highs above 2470.
  • North Korea has appeared to have test fired an ICBM (see this link for more details), but heightened geopolitical tensions are spilling over into financial market sentiment at this stage.
  • Elsewhere, the authorities will step up efforts to stabilize the commercial paper market. Local banks' will be more active buyers of CP and ABCP.
  • Higher levels in USD/CNH have likely weighed at the margin on won sentiment, with this pair back close to 7.1600, highs for the session.
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