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USD/KRW Pushes Back Above 1300

KRW

1 month USD/KRW followed the broader USD trajectory overnight, with the pair falling below 1300, with lows around the 1299 region. We have opened up slightly firmer in early trade today, with the pair back up to 1302. Onshore spot is around 1302.50/00, around -0.30% versus yesterday's closing levels.

  • The Kospi is struggling to maintain positive momentum in early trade, with weaker tech equity sentiment overnight and a late move lower for US equities weighing. The weaker tech story could weigh more on Taiwan shares though, which have a larger semi-conductor weight.
  • Offshore investors added $98.6mn of local shares yesterday, a down step from last week's pace, but nevertheless still positive.
  • The South Korean authorities have announced plans to re-build LNG inventories ahead of the winter period. The target is to get back to 90% of capacity by November from an inventory standpoint, versus 34% currently. This is something to be mindful of in terms of South Korea's trade deficit position, as such import flows could keep the trade position under pressure, all else equal.
  • South Korean Foreign Minister Park Jin and China Foreign Minister Wang Yi will meet in Qingdao, in the first high level meeting between the two countries since South Korean President Yoon came into office.
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1 month USD/KRW followed the broader USD trajectory overnight, with the pair falling below 1300, with lows around the 1299 region. We have opened up slightly firmer in early trade today, with the pair back up to 1302. Onshore spot is around 1302.50/00, around -0.30% versus yesterday's closing levels.

  • The Kospi is struggling to maintain positive momentum in early trade, with weaker tech equity sentiment overnight and a late move lower for US equities weighing. The weaker tech story could weigh more on Taiwan shares though, which have a larger semi-conductor weight.
  • Offshore investors added $98.6mn of local shares yesterday, a down step from last week's pace, but nevertheless still positive.
  • The South Korean authorities have announced plans to re-build LNG inventories ahead of the winter period. The target is to get back to 90% of capacity by November from an inventory standpoint, versus 34% currently. This is something to be mindful of in terms of South Korea's trade deficit position, as such import flows could keep the trade position under pressure, all else equal.
  • South Korean Foreign Minister Park Jin and China Foreign Minister Wang Yi will meet in Qingdao, in the first high level meeting between the two countries since South Korean President Yoon came into office.