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​Onshore Markets Re-Open, Early October Trade Figures Out ​

KRW

South Korean markets re-open today after yesterday's holiday. The 1 month NDF didn't get too far outside of the 1425-1430 range yesterday (closing at 1428 in NY), with no onshore spot as an anchor point. Onshore spot closed last Friday at 1412.80, so expect some early catch up to the topside. Coming up shortly is the first 10 days trade of trade data for October. Export growth and the trade deficit position will be in focus.

  • Fresh weakness in local equities could be a headwind for the won, amid on-going tech market underperformance.
  • To recap, the Kospi ended last week down -0.22% on Friday, but was still 3.59% higher for the week. Since onshore equities have been closed though, the SOX is off by around 9.5%, the MSCI IT down by 5.75%.
  • Last week offshore investors added just over $310mn to local stocks.
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