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Onshore Markets Closed Today, But Feb Trade Data Still Due

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A reminder that South Korea markets are closed today for Independence Day. We still get Feb trade data in a little while though. The market expects a slowdown in export growth to 1.4% y/y from 18.0% in Jan. The timing of the China LNY a factor for y/y momentum. Imports are projected at -11.7% y/y, versus -7.9% prior. The trade surplus is forecast to improve to $2bn from $328mn in Jan.

  • The 1 month USD/KRW NDF finished up NY trade at 1333.6, slightly down on end Wednesday levels, but still within recent ranges. Note onshore spot finished up yesterday at 1331.40.
  • We didn't see much positive spill over for the won from firm tech equity related gains in Thursday trade, with 1 month USD/KRW dips towards 1330 still supported.
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A reminder that South Korea markets are closed today for Independence Day. We still get Feb trade data in a little while though. The market expects a slowdown in export growth to 1.4% y/y from 18.0% in Jan. The timing of the China LNY a factor for y/y momentum. Imports are projected at -11.7% y/y, versus -7.9% prior. The trade surplus is forecast to improve to $2bn from $328mn in Jan.

  • The 1 month USD/KRW NDF finished up NY trade at 1333.6, slightly down on end Wednesday levels, but still within recent ranges. Note onshore spot finished up yesterday at 1331.40.
  • We didn't see much positive spill over for the won from firm tech equity related gains in Thursday trade, with 1 month USD/KRW dips towards 1330 still supported.