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Recent Ranges Hold, Amid Mixed Cross Asset Drivers On Monday

KRW

1 month USD/KRW traded tight ranges for Monday's session, largely within 1328/1331. We ended Monday's NY session just under 1330, little changed from end Friday levels. Note onshore spot ended the Monday session at 1331.05.

  • Cross asset drivers for the won were mixed post the Asia close on Monday. US yields generally firmed amid heavy corporate issuance (although data was mixed), while tech related indices outperformed softness in terms of the major indices.
  • The SOX rose over 1%, the MSCI IT up a more modest 0.15% for Monday's session.
  • To recap, onshore equities finished down 0.77% for the Kospi yesterday, as the market was left disappointed around limited details on plans to boost local equity valuations (see this BBG link).
  • Today on the data front we have Jan department store sales, along with Q4 external debt data.
  • Also note the BoK will release 2023 international investment position data at 12pm local time. There will be some focus on this release given the pick up in domestic investment outflows to the rest of the world in recent years.
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