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Fresh Highs Since June 2022

KRW

1 month USD/KRW finished Friday's NY session at 1252.90, fresh lows back to early June last year. We were 1.62% stronger in won terms for the session, which was in line with higher beta G10 gains against the USD. Late May 2022 lows around 1235 may be the next focus point on the downside. Highs in the pair, since the start of the year, have been in the 1270/80 range, so this may cap any upside rebound. Onshore spot closed on Friday at 1268.75, so the early tone will be catch up to the downside.

  • The offshore lead for Korean equities remains positive, with major tech indices (SOX +4.67%, MSCI IT +2.87%), outperforming broader market gains.
  • To recap, the Kospi ended Friday's session +1.12%, while offshore investors added +$318.8mn to local equities, brining weekly inflows to +$802.2mn for the first week of 2023.
  • The data calendar is relatively second tier in the first part of this week, with Nov BoP data due tomorrow, following by the unemployment rate on Wednesday.
  • The main focus will be on Friday's BoK decision, with the economic consensus at +25bps (taking the policy rate to 3.50%).
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