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USD/KRW 1 Month Can't Break Lower, Despite CNH & JPY Moves

KRW

1 month USD/KRW finished Friday's NY session at 1236.60, down slightly for the session. However, despite USD/CNH and USD/JPY breaking lower, the 1 month couldn't trade to fresh lows for the year. Some USD demand is still evident sub 1235 at this stage. USD upticks towards 1245/46 are drawing selling interest though. Note onshore spot ended Friday's session at 1241.35.

  • The local data calendar is fairly quiet this week, with just money supply data out tomorrow, then the PPI later in the week.
  • This may leave broader risk trends in the driver's seat. To recap, the Kospi ended Friday's session +0.89% higher, just above the 2386 level, with the 200-day MA sitting at 2443.85. offshore investors added +399.2mn to local equities, bringing last week's net inflows to $1384.4mn.
  • Tech indices (SOX, MSCI IT) finished higher on Friday, capping off 6 straight sessions of gains. the SOX is above its 200-day MA, the MSCI IT hasn't breached this resistance level in the most recent run higher.
  • Elsewhere, the UAE stated it will invest $30bn in South Korean Hydrogen projects.

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