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Maintaining Recent Ranges

KRW

1 month USD/KRW finished the NY session close to the 1236 level. Moves above 1240 drew selling interest, but the pair couldn't hold breaks sub the 1236 level. This keeps us within recent ranges in the pair for now. Note onshore spot ended yesterday's session at 1238.9. Higher USD/CNH levels likely curbed won gains to a degree, although higher beta FX firmed in the G10 space.

  • The local data calendar remains devoid of releases, although spill over from the BoJ meeting and its impact on JPY could influence the won today.
  • Note also BoK Governor Rhee will meet with foreign media reporters at 3pm local time today.
  • The SOX and MSCI IT indices managed gains for Tuesday's session, while sentiment was weaker for other major US bourses, notably the Dow (1.14%).
  • To recap, the Kospi fell 0.85% yesterday, but offshore investors still added $90.5mn to local bourses.
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