Spot USD/KRW Holds Above 1380 In Extended Trading, Back Above 20-day EMA

Spot USD/KRW drifted higher through Monday trade, as we saw the first session of extended trading unfold. We couldn't get above 1385, finishing up at 1383.75 (a won loss of 0.53%). The 1 month NDF finished up just under 1382, a won loss of 0.24%.

• USD/JPY and USD/CNH gains likely saw some negative spill over for the won. Spot USD/KRW has moved back above the 20-day EMA (near 1380), which we broke sub late last week.
• In the cross asset space, core yields were mostly higher, with the US curve steepening (despite some softer survey data), which also lent USD support. Equity trends saw the MSCI IT index rise 1.10%, the SOX gain was close to flat though. Broader US and EU sentiment was mostly positive, which likely aided the won at the margins.
• The Kospi closed above 2800 yesterday, but offshore investors were net sellers of local equities (-$38.9mn).
• On the data front, we have already had the June CPI print, which came in below expectations, adding to the BoK easing case for the second half of this year.
• The data calendar is empty for the remainder of today's session, although a National Pension Service meeting may provoke some headlines.