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Onshore Markets Re-Open, Spot USD/KRW to Play Catch Up

KRW

Onshore markets re-open today. The 1-month NDF closed in NY at 1254.4, slightly above end Asia-session levels. The last spot close was 1242.4, so no doubt there will be some catch up today.

  • While broader equity sentiment was positive, the lead from tech was more mixed. The SOX and MSCI tech indices were flat, however, China's Golden Dragon index did rise by 5.4%. This should aid tech related sentiment in the Asia Pac region to some degree today.
  • USD/KRW 1-month NDF followed the broader USD moves. The focus was on higher US yields, while continued yen weakness will also be a focus point today. USD/JPY is up to 132.25/30, +0.30% on NY closing levels.
  • To the extent Korea and Japan share export markets, USD/KRW and can be influenced by yen moves via the competitiveness channel. The 1258/59 region could be eyed today.
  • Earlier, FX reserves fell to $447.71bn in May, down from $449.30bn in April. The rate of decline moderated in May. There is no other data out today.
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