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KRW: 1 Month USD/KRW Holds Break Lower, Onshore Markets Remain Closed

KRW
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The 1 month USD/KRW NDF got to fresh lows on Monday, just under 1315, before recovering some ground. The pair ended NY trade just above 1318. This was still a 0.68% gain in won terms. This was in line with broader USD weakness, with higher beta plays outperforming in the G10 space. USD indices finished lower amid further declines in US Tsy yields. Fed pricing was steady though, while tech equities saw some underperformance. 

  •  A sustained break lower in the pair could see earlier March lows near 1305 targeted from a 1 month NDF standpoint. Earlier Friday highs, from last week,  were just above 1335. Onshore markets remain closed for today and tomorrow, returning Thursday. The onshore spot rate was last at 1333.55 from Friday's session.
  • With onshore markets remaining closed for the first part of this week, the 1 month NDF will remain without an onshore anchor point and liquidity will be lighter. Sentiment will be dictated by broader off developments. 
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The 1 month USD/KRW NDF got to fresh lows on Monday, just under 1315, before recovering some ground. The pair ended NY trade just above 1318. This was still a 0.68% gain in won terms. This was in line with broader USD weakness, with higher beta plays outperforming in the G10 space. USD indices finished lower amid further declines in US Tsy yields. Fed pricing was steady though, while tech equities saw some underperformance. 

  •  A sustained break lower in the pair could see earlier March lows near 1305 targeted from a 1 month NDF standpoint. Earlier Friday highs, from last week,  were just above 1335. Onshore markets remain closed for today and tomorrow, returning Thursday. The onshore spot rate was last at 1333.55 from Friday's session.
  • With onshore markets remaining closed for the first part of this week, the 1 month NDF will remain without an onshore anchor point and liquidity will be lighter. Sentiment will be dictated by broader off developments.