First 20 Days Trade Data & Equity Flows Eyed

1 month USD/KRW rebounded post the Asia close, but we didn't get far above 1292. We ended the overnight session slightly below this level, while onshore spot closed just above 1292 yesterday.

• Yesterday's warning from the Korean Finance Ministry on one-sided FX moves is likely to remain in focus today. We didn't get back above 1295 in onshore spot yesterday post this warning.
• Equity sentiment, in terms of offshore leads (EU equities higher and US futures +1%), are firmer, but the Kospi slumped 2% yesterday. Net foreign outflows from local equities were $634.5mn, bringing month to date outflows to just over $3.8bn.
• The other focus point will be the first 20 days trade data for June. The first 10 days of data for June showed negative yoy export growth, but these figures tend to be quite volatile. There are also fewer working days this month, so that may impact the headline number as well.
• For reference, in May exports rose 21.3% yoy, while import growth was still stronger at 32.0% yoy. The trade position remained in deficit.
• BoK Governor Rhee will also hold an inflation briefing at 10am local time.