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Free AccessKRW Outperforming
Spot USD/KRW is down more than 1% from closing levels last week. We sit at 1284, levels last seen more than a week ago. The 1-month NDF is also lower, off 0.4% from NY closing levels on Friday.
- The won is continuing to benefit from stronger equity market sentiment. The Kospi is close to highs for the session, up 1.7%, while the Kosdaq is up by 2.80%.
- As the chart below suggests, the won has caught up with stronger onshore equity performance.
- USD/KRW was above 1290 in earlier trade as US equities faltered but found selling interest above this level. US futures are still in the red but away from worst levels.
- Interestingly, the won is outperforming other higher beta plays like AUD, NZD and ZAR, which are all weaker against the USD.
- JPY has been outperforming these currencies, while USD/JPY is also down 0.45% so far during the session. This may be aiding the won more so than other currencies given the export competitiveness angle between South Korea and Japan.
Fig 1: Won Catches Up With Equity Rebound
Source: MNI - Market News/Bloomberg
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