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Spot USD/KRW Holds Close To Recent Highs

KRW

Spot USD/KRW was lower at the open, 1317.50, but has since edged higher to be back in the 1319/20 region. The 1 month NDF sits slightly lower at 1316/17, little changed from closing levels in NY. The won hasn't received much positive spill over from better onshore equity sentiment, the Kopsi +0.70/0.80% in early dealings. Most focus has been on Samsung's earnings miss, although shares are rallying for the company after it stated it would cut chip production, which is aiding broader moves in the tech space.

  • Focus for USD/KRW is likely to be on whether we can test recent highs above 1320. As we noted in the earlier bullet, dividend season could drive USD from onshore corporates in the next few weeks as they pay offshore investors.
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