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Hits Fresh Highs, Aided By BoK Hike & Equity Strength

KRW

The won has traded with a firmer bias since the open, although is away from highs. The 1 month NDF reached 1233.40, slightly sub earlier lows at the start of the week. We now sit back at 1235/36, with onshore spot a touch higher at 1236/37.

  • The BoK hike decision has likely helped at the margins, as some sell-side analysts were forecasting a pause. 3yr bond futures are down from earlier highs.
  • The stronger equity impulse is also helping the FX. The Kospi last at +1.15%, although offshore investors are modest sellers so far today (-$17mn).

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