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USD/KRW 1 Month Back Sub 1275 As Higher Equities Offset USD/JPY Rebound

KRW

1 month USD/KRW was volatile post the Asia close on Friday, albeit generally maintaining a downside bias. From highs above 1280 we finished the NY session at 1273.25, a won gain of 0.69%. We remain above Thursday session lows from last week near 1265 though. For onshore spot, the pair closed at 1277.05 on Friday.

  • Higher USD/JPY levels were offset by a generally firmer equity tone on Friday for the won. In US trade, the SOX rose 2.22%, the MSCI IT +1.35%. There may have also been some positive spill over from a firmer CNH backdrop and China related equity gains.
  • To recap, the Kospi finished +0.17% on Friday, but the Kosdaq surged +3.39%. Offshore investors added $275.7mn to local equities, although we still saw net equity outflows for the week.
  • The local data calendar is empty today, but there will be focus on tomorrow's July trade data. Export growth is expected to fall back to -14.6% y/y (-6.0% prior).
  • The Finance Ministry announced tax revenue data for June today.
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