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Spot USD/KRW To Fresh YTD Highs, Weighed By Equities, Lower CNH Levels

KRW

Spot USD/KRW is breaking to fresh highs, last in the 1334/35 region, around 0.50% weaker in won terms versus last Friday's closing level. Late Nov 2022 highs around 1342 may be targeted next, while beyond that rests the 1350 level. The 1 month NDF is back to 1332/34, but we remain a touch below recent highs for the NDF.

  • Negative spill over is evident from higher USD/CNH levels (above 6.9100), while USD/JPY is also above earlier session lows sub 134.00, back to 134.40/50.
  • Weaker equity sentiment is evident, with the Kospi down 0.75% so far. Offshore investors have been net sellers to the tune of -$81.8mn.

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