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Softens, In Line With Weaker CNH & JPY Trends

KRW

1 month USD/KRW finished the NY session above 1240, likely taking cues from higher USD/JPY and USD/CNH levels. After making fresh lows close to 1230 early yesterday, the pair has shown a modest upside bias. Note onshore spot finished yesterday at 1235.65.

  • Cross asset signals were muted with US markets closed for the MLK holiday. EU equities finished higher, but US equity futures weakened a touch, with Nasdaq futures off by 0.38%.
  • To recap, the Kospi rose 0.58% yesterday, closing just under 2400. Offshore investors continued to add to local shares, with a further $274.3mn in net inflows, bringing January net flows to date to +$2460.80mn.
  • On the data front, money supply figures for Nov will be released but this is unlikely to shift market sentiment.
  • On the geopolitical front North Korea will hold a parliamentary meeting, with focus on whether Kim Jong Un delivers a speech.
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