1 Month USD/KRW Up From Multi-Week Lows ​​

1 month USD/KRW couldn't below 1280 post the Asia close, spending much of this period drifting higher, as equity sentiment softened. We closed at 1285.82, note onshore spot ended yesterday at 1286.50.

• The equity leads are less positive for Korea today, with the SOX (-0.18%) and MSCI IT (-0.52%) indices falling overnight, as part of a broader tech underperformance theme. These modest losses follow strong gains last week.
• To recap, the Kospi gained 1.5% yesterday, the Kosdaq 2.7%. Offshore investors bought a further $199mn of local equities. This brings net inflows for the last 2 sessions to $467.50mn. This is the best 2 day run of inflows since the start of the month.
• Inflation remains the key domestic onshore focus. Yesterday it was announced that fuel costs will rise for Q3 (+5 won/kWh), while gas prices will also rise for households and commercial use (+1.11 won per megajoule).
• Local businesses are also warning of job losses if union minimum wage increase demands are met. Labor unions are looking for a 18.9% increase, while businesses want a freeze. Negotiations are required to end by early August.
• The data calendar just has retail sales on tap today for May, while early tomorrow morning, consumer confidence will print for June.