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Won Gains Curbed By Lower Equities

KRW

The USD/KRW 1-month NDF is back to unchanged from NY closing levels. We last traded just below 1286. We dipped to 1283 in earlier trade, but weaker equity sentiment has seen a modest USD bid return.

  • After opening higher, the Kospi is now down -0.20%, while the Kosdaq is off just over 1.25%. US equity futures have dipped into the red, while tech sentiment is weaker in HK/China trading.
  • Safe havens are outperforming in the G10 FX space as well, while USD/CNH has pushed back up towards 6.7000. This has seen some negative spill over to the won.
  • Locally, the Finance Minister called for restraint in terms of how much companies raise wages.
  • On the data front, retail sales showed a resilient picture, with the YoY print up 10.1% in May versus 10.6% previously. Department store sales rose nearly 20% in YoY terms versus 19.1% in April. Discount store sales fell -3.0% YoY. This data doesn't tend to shift market sentiment though.
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