Offshore Equity Selling Curbs Won Momentum

1 month USD/KRW is oscillating around the 1420 level, around +0.30% above NY closing levels. We couldn't test sub 1415, but there is still some selling interest above 1420.

• The Kospi has flipped from strong gains at the open (+2%) to back to flat for the session. We remain above the 2200 level for now (last 2210). Weaker US futures have also weighed at the margin.
• Interestingly, offshore investors have been net sellers of local equities so far today. We have seen nearly -$150mn in net outflows, unwinding most of yesterday's net inflow. This has likely curbed Kospi and won gains.
• Earlier, CPI figures came in slightly weaker than expected, but elevated core inflation pressures may still see the BoK hike by 50bps next week.