South Korean assets are away from worst levels, after President Yoon stated the country will take stabilization steps in markets if needed. He added markets will be monitored closely. These comments came after a meeting on the economy and financial markets.
- The Kospi hit a low of 2135 but we are now back to 2162, still down for the day by -0.40%. Higher US futures have also likely helped trim losses.
- Likewise for USD/KRW, we moved down to 1429, from earlier highs close to 1435. The pair is rebounding now though, back above 1432, as USD/CNH pushes back up to 7.1300, after the weaker PMI prints and broader USD gains.