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Weaker CNH Weighs, BoK Decision On Tap

KRW

1 month USD/KRW tracked to as high as 1272 post the Asian close. The bounce in USD/CNH a clear driver. As equity sentiment recovered though, the won regained some ground and closed at 1267 in the 1 month. Note spot closed onshore yesterday at 1264.50.

  • Tech equity sentiment was better, the SOX index rose just under 2%, while the MSCI IT index gained 1.16%. Lower VIX levels also aided broader risk appetite.
  • Yesterday, the Kospi pushed higher (+0.44%), but net outflows by offshore investors were still recorded (-$50mn), which brings weekly net outflows to just over $400mn.
  • The set up for regional equities is positive today, but USD/CNH trends should be watched, particularly as the pair is back above 6.7000.
  • Locally, the focus will be on the BoK decision. A 25bps hike is widely expected. See our full preview at this link.
  • The exchange rate could also be a focus point, particularly after FX stability made its way into the joint leader's statement after the Biden-Yoon summit.
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1 month USD/KRW tracked to as high as 1272 post the Asian close. The bounce in USD/CNH a clear driver. As equity sentiment recovered though, the won regained some ground and closed at 1267 in the 1 month. Note spot closed onshore yesterday at 1264.50.

  • Tech equity sentiment was better, the SOX index rose just under 2%, while the MSCI IT index gained 1.16%. Lower VIX levels also aided broader risk appetite.
  • Yesterday, the Kospi pushed higher (+0.44%), but net outflows by offshore investors were still recorded (-$50mn), which brings weekly net outflows to just over $400mn.
  • The set up for regional equities is positive today, but USD/CNH trends should be watched, particularly as the pair is back above 6.7000.
  • Locally, the focus will be on the BoK decision. A 25bps hike is widely expected. See our full preview at this link.
  • The exchange rate could also be a focus point, particularly after FX stability made its way into the joint leader's statement after the Biden-Yoon summit.