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Spot USD/KRW Back Close To 1340, Early Equity Tone Weaker

KRW

The early impetus for USD/KRW has been to the topside. Spot is back near 1340, just shy of highs from the start of yesterday's session. The 1 month NDF is slightly lower at 1337/38. The onshore equity tone is weaker, the Kopsi off by -0.35% at this stage, albeit away from session lows.

  • Samsung shares are tracking lower post a below estimate Q1 profit result.
  • Offshore investors are also net seller of Korean shares early, -$80.8mn .
  • For spot USD/KRW a clean break above 1340 may leave the market targeting a move to 1350, which is the next round figure level, while late Nov 2022 highs come in close to 1363.
  • Although further weakness may prompt the authorities to react, with either FX related jaw boning or actual actions to curb FX weakness. Earlier in the week officials were quoted as stating they would look at ways to curb FX volatility.
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