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Korean Authorities To Prevent One-Sided FX Moves

KRW

1 month USD/KRW printed above 1307, which is fresh cyclical highs, post the Asia close. We fell back sub 1300 and closed at 1299.60 in NY. Note spot closed yesterday at 1301.55.

  • The overnight leads for Korean equities were mostly positive. Besides the Nasdaq rise, the MSCI IT index pushed up by close to 1.5%, although the SOX index fell modestly.
  • Overall, higher equities and lower USD/JPY levels helped pull USD/KRW back sub 1300. This helped offset global growth concerns from weaker PMI readings in the EU and US.
  • Yesterday, the Kospi closed down by just over 1.2%. Offshore investors continued to sell local equities, with a further $169.mn in net outflows. This brings week to date net outflows to $1.267bn.
  • South Korea's Vice Finance Minister Bang Ki-sun stated the government will continue to prevent one-sided moves in the FX markets. This is consistent with what other officials have stated.
  • Still, he also acknowledged that trade deficits will persist for some time yet. Recall, the first 20 days of trade data for June showed a deficit of $7.642bn, which is the widest in multiple decades. Full month trade for June prints next Friday.
  • There are no major data releases today.
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