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Spot USD/KRW Above 1300

KRW

Spot USD/KRW has broken above 1300, the first time we have been above this level since 2009 (last at 1302). The 1 month NDF is also back above 1300, but remains below the overnight highs of close to 1305.

  • Broader USD sentiment is firmer, with only JPY outperforming in the G10 FX space. The tone remains one of risk off flows in FX markets.
  • Korea equities tried to bounce, but this quickly gave way to renewed selling pressure. We got close to -1% for the session but sentiment has stabilized somewhat (last -0.4%).
  • No signs of official push back/rhetoric around FX weakness from Korean officials yet, but this remains a risk as the won continues to trend weaker.
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