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USD/KRW 1 Month Back Above 1420 On Tech Losses, Onshore Markets Out Today


1 month USD/KRW finished last week just above 1424, in line with broad USD strength and on-going tech equity headwinds. Spot ended last week at 1412.80, but onshore markets are closed today.

  • This is likely to reduce liquidity in the NDF market, although the bias is likely to remain for a firmer USD. That is the early trend in the majors. For 1 month USD/KRW, we topped out above 1436 on Oct 4th, while recent cyclical highs rest at 1446.
  • The SOX fell by just over 6% on Friday, the MSCI IT index down 4.1%, as tech underperformed broader equity market weakness amid an on-going in core yields.
  • The main domestic focus this week will be the BoK decision (Wednesday), which is expected to deliver a 50bps hike.

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