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Spot USD/KRW To Fresh Cyclical Highs

KRW

Spot USD/KRW has pushed above 1303, which is above highs from just over a week ago. We have settled somewhat, edging back to 1302. Still, this is fresh highs for the pair going back to 2009. The equity lead remains negative, with the Kospi tracking -0.70% lower, while USD sentiment is firmer against other higher beta plays (AUD and NZD). No signs yet of the authorities warning of excessive moves/being prepared to stabilize FX markets.

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Spot USD/KRW has pushed above 1303, which is above highs from just over a week ago. We have settled somewhat, edging back to 1302. Still, this is fresh highs for the pair going back to 2009. The equity lead remains negative, with the Kospi tracking -0.70% lower, while USD sentiment is firmer against other higher beta plays (AUD and NZD). No signs yet of the authorities warning of excessive moves/being prepared to stabilize FX markets.