USD/KRW Remains Within Recent Ranges

1 month USD/KRW spend the post Asia close in familiar ranges. The pair couldn't break out of the 1310/1313 range, although we have opened slightly lower this morning. Both the 1 month NDF and spot USD/KRW are sub 1310 in early onshore trading. This slight downshift is in line with the DXY moving away (back to 106.50) from overnight highs and USD/CNH remaining sub 6.8000 for now.

• The domestic data calendar remains empty today, with just 2Q external debt figures out tomorrow, but this print is very unlikely to move market sentiment.
• Note though President Yoon will hold his first formal press conference at 10am local time (which is in around 30mins). The focus is likely to be domestic cost of living pressures, but external issues could also be a focus point, given the recent meeting between the South Korea and China Foreign ministers.
• Tensions are still apparent over the South Korean government's plan to push ahead with the further deployment of a missile defence system.
• Onshore equities are a little firmer in early trading, with the Kospi +0.2% at this stage. Offshore leads were positive from a main bourse standpoint in the US, although tech sentiment faltered slightly.
• Offshore investors continued to add to local stock holdings yesterday, with a further $131.1mn in net inflows. In contrast Taiwan saw net outflows of -$160.8mn.