Onshore Markets Return Today, 1 Month NDF Near 1330 At End Of Last Week

1 month USD/KRW edged down slightly for Friday's session, ending NY trade near 1330. Some positive momentum from the won likely emerged from the firm equity trends, particularly in parts of the tech space in US markets. Onshore spot returns today with the domestic market re-opening post Friday's public holiday. We closed at 1331.4 in spot terms on Thursday.

• Coming up shortly is South Korea IP, investment and retail sales data for Jan. IP is expected to be aided by the continued recovery in chips production. Later on, the Feb manufacturing PMI prints.
• The SOX rallied over 2.5% in Friday US trade, while the Nasdaq gained +1.14%. Helping sentiment was the pull back in US yields, which also likely benefited the won at the margins.
• For 1 month USD/KRW we remain within ranges of the past month. The 20-day EMA is right on closing levels form the end of last week, but arguably the 50-day near 1325.5 is the important support point to watch.
• Note as well annual military exercises between South Korea and the US kick off today, running until the 14th of March. North Korea's reaction will be eyed.