November 09, 2022 02:32 GMT
Positive Momentum Continues As 1370 Gives Way In The 1 Month NDF
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.