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​Positive Momentum Continues As 1370 Gives Way In The 1 Month NDF

KRW

The won continues to trade on the front foot, with the 1 month NDF testing the 1370 level. This is around 0.35% sub NY closing levels, while onshore spot is around 1% lower on yesterday's close (in USD/KRW terms).

  • The won is outperforming the majors, where higher beta pairs like AUD and NZD are modestly lower against the USD. Higher USD/CNH levels is not impacting sentiment either, this pair last around 7.2550, +0.35% above NY closing levels.
  • CNH/KRW is close to 6.8% down on early October highs.
  • Onshore equities are around to +1% firmer for the Kospi, so that is adding to the positive momentum.
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