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KRW Lagging Equities, JPY A Headwind

KRW

Spot USD/KRW is tracking slightly above yesterday's closing levels, last at 1299. We did see an earlier dip towards 1295, as USD/CNH fell in response to reports of the Liu/Yellen video call. There was little follow through though.

  • The won is lagging the solid bounce in onshore equities, see the chart below. Note this is just a short term 3 day chart. The Kospi is up over 1.3% today, although away from best levels. The Kosdaq is 3.25% higher.
  • USD/CNH has not broken lower, holding above 6.6800 (we are back at 6.6900), while USD/JPY is also higher. This pair is back through 136.00, around 0.40% above previous closing levels.
  • These factors may be helping to drive somewhat of a wedge between equities and the won.

Fig 1: USD/KRW & Kospi - Short Term Trends

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Spot USD/KRW is tracking slightly above yesterday's closing levels, last at 1299. We did see an earlier dip towards 1295, as USD/CNH fell in response to reports of the Liu/Yellen video call. There was little follow through though.

  • The won is lagging the solid bounce in onshore equities, see the chart below. Note this is just a short term 3 day chart. The Kospi is up over 1.3% today, although away from best levels. The Kosdaq is 3.25% higher.
  • USD/CNH has not broken lower, holding above 6.6800 (we are back at 6.6900), while USD/JPY is also higher. This pair is back through 136.00, around 0.40% above previous closing levels.
  • These factors may be helping to drive somewhat of a wedge between equities and the won.

Fig 1: USD/KRW & Kospi - Short Term Trends

Keep reading...Show less