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USD/KRW Pressing To Fresh Cyclical Highs

KRW

Spot USD/KRW is gravitating higher, pushing through 1295, and just above highs from earlier in the week. This is fresh cyclical highs going back to 2020. Note, we printed an intra-day high of 1296.75 on March 19th 2020.

  • The won has received little benefit from the positive risk-on tone to equities overnight. The Kospi is down nearly 1%, while offshore selling of local equities continues. A further $66mn today.
  • Lower US equity futures is not helping sentiment, while USD/CNH is drifting higher as well. This pair is back close to 6.7000.
  • We remain mindful of FX rhetoric/action from the Korean authorities, particularly close to 2020 highs and the 1300 level, and given recent warnings.
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