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Won Dips As Equity Outflows Resume

KRW

Spot USD/KRW is back to levels where we started the week, around 1293. The resumption of net equity outflows, as the equity rebound falters, appear to be the main drivers.

  • The Kospi is off by 1.7%, with offshore investors selling $233.6mn of local shares so far today. Week to date net outflows are now back to -$245mn.
  • Indeed, in June to date, net equity flows have only been positive on 3 out of 19 possible sessions.
  • Regional tech leads are also weighing, with the Taiex down 1.2% led by semiconductors today, while the HSI tech sub index is off by over 2%.
  • USD/KRW has bounced off the 1280 level on several occasions this week and this was also a support zone back in mid-June. On the topside, expect to see official rhetoric rise on any breach of 1300.
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