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SOUTH KOREA: KRW NDFs Probe Multiyear Highs - FinMin/CB Response Awaited

SOUTH KOREA
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  • Martial law headlines continuing to make themselves felt across KRW markets and beyond - spot KRW is markedly weaker, as markets clearly concerned over the ramifications of the measures. The installation of martial law effectively means that all activities at Parliament are banned going forward, and all media and publishers are now under direct control of the military.
  • Offshore KRW forward outrights gapped higher on the headlines and are holding the vast majority of the move - the 12m NDF outright briefly printed 1,400 and a cross above would be the first time since late 2022, with offshore listing of South Korean companies hit hard (Samsung's London listing off as much as 4%), dragging global indices with them and prompting the NASDAQ 100 to open lower (as mentioned above).
  • Outside of S.Korean assets, havens are gaining across the board, with Treasury yields posting a 4bps decline, and USD/JPY well through yesterday's lows.
  • Focus now turns to any outcome of the SKorean finance ministry meeting - as well as any central bank response (as evidenced by the headline above).
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  • Martial law headlines continuing to make themselves felt across KRW markets and beyond - spot KRW is markedly weaker, as markets clearly concerned over the ramifications of the measures. The installation of martial law effectively means that all activities at Parliament are banned going forward, and all media and publishers are now under direct control of the military.
  • Offshore KRW forward outrights gapped higher on the headlines and are holding the vast majority of the move - the 12m NDF outright briefly printed 1,400 and a cross above would be the first time since late 2022, with offshore listing of South Korean companies hit hard (Samsung's London listing off as much as 4%), dragging global indices with them and prompting the NASDAQ 100 to open lower (as mentioned above).
  • Outside of S.Korean assets, havens are gaining across the board, with Treasury yields posting a 4bps decline, and USD/JPY well through yesterday's lows.
  • Focus now turns to any outcome of the SKorean finance ministry meeting - as well as any central bank response (as evidenced by the headline above).