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Lagging Higher Beta FX

KRW

Spot USD/KRW has climbed today, up around 0.40% from yesterday's close to 1291.3. The 1 month NDF is above 1290, bucking the softer USD trend elsewhere, particularly for higher beta FX.

  • The won's losses contrast with AUD (+0.60%), NZD (+0.35%) and ZAR (+0.51%). USD/CNH is also down around 0.30% from NY closing levels but we haven't seen much positive follow through to the won.
  • Earlier China data was better than expected, particularly for IP growth.
  • The Kospi is still struggling, down around 1.3%. Offshore investors continue to sell local equities, with a further $362mn in net outflows so far today. This brings net outflows for the week to $926mn.
  • China/HK equities are firmer, as are US futures, but other regional markets are struggling.
  • Earlier, the unemployment rate ticked higher to 2.8%, versus 2.7% expected.
  • The truckers' strike has also ended, with the government and the union coming to an agreement on a new wage deal late yesterday.
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