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USD/KRW To Fresh Lows For The Week

KRW

1 month USD/KRW is making fresh lows for the week. The pair is back to 1331. We haven't been around these levels since late last week, when the pair surged above 1330. Previous highs came in just under this level, so we could see some USD emerge on a further test lower. Still, the won is benefiting from further onshore equity gains (Kospi an additional +0.50% today), with offshore investors adding +$56.1mn to local shares. This brings week to date inflows to $382mn.

  • Arguably the bigger drive is the continued rhetoric from the South Korean authorities. The Vice Finance minister commented around one-sided FX moves/herd behavior in FX markets before the open, which is likely helping won sentiment.

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