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KRW: Spot USD/KRW Above 1320 Amid Weaker Yen, Onshore Markets Closed Today

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Spot USD/KRW ended extended Wednesday trade near 1323, a won loss of 0.63% versus end Monday levels (as onshore markets were closed on Tuesday). This leaves us well up on late Sep lows (1303.4), but still comfortably sub recent highs near 1340. Note onshore markets are closed again today. The 1 month NDF last tracked just under 1322. 

  • With onshore markets closed today, 1 month NDF sentiment will be dictated by broader risk trends. Some focus is also likely to rest on USD/JPY trends, after the pair surged 2% in Wednesday trade amid dovish BoJ rhetoric from both the new PM and the central bank Governor.
  • In the equity space, sentiment was close to flat in both US and EU markets. We did see some outperformance in the tech space, particularly by semiconductors (SOX up almost 1.5%). Comments from the CEO of Nvidia around strong demand for a new chip buoyed late Wednesday sentiment.
  • To recap, the Kospi lost 1.22% yesterday, while offshore investors sold -$246.3mn of local shares.
  • Focus next week will be on the BoK decision, with odds growing of easier policy settings after yesterday's downside headline inflation surprise. 
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Spot USD/KRW ended extended Wednesday trade near 1323, a won loss of 0.63% versus end Monday levels (as onshore markets were closed on Tuesday). This leaves us well up on late Sep lows (1303.4), but still comfortably sub recent highs near 1340. Note onshore markets are closed again today. The 1 month NDF last tracked just under 1322. 

  • With onshore markets closed today, 1 month NDF sentiment will be dictated by broader risk trends. Some focus is also likely to rest on USD/JPY trends, after the pair surged 2% in Wednesday trade amid dovish BoJ rhetoric from both the new PM and the central bank Governor.
  • In the equity space, sentiment was close to flat in both US and EU markets. We did see some outperformance in the tech space, particularly by semiconductors (SOX up almost 1.5%). Comments from the CEO of Nvidia around strong demand for a new chip buoyed late Wednesday sentiment.
  • To recap, the Kospi lost 1.22% yesterday, while offshore investors sold -$246.3mn of local shares.
  • Focus next week will be on the BoK decision, with odds growing of easier policy settings after yesterday's downside headline inflation surprise.