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USD/KRW 1 Month Consolidates Further, BoK Governor Rhee Holds Inflation Briefing

KRW

1 month USD/KRW finished the NY session at 1274.15 on Friday, -0.45% weaker in won terms for the session. The pair spent most of the post Asia close period on the front foot. The pair getting above 1278, before selling interest emerged. Note onshore spot finished Friday's session at 1272.35.

  • The near term focus for won bulls is the 1270 region, with tests below this region in spot unable to be sustained last week. The 1 month NDF did get lower, with lows sub 1265, but again these moves weren't sustained. Given the extent of won outperformance in June to date, we may be seeing some consolidation emerge.
  • Weakness in US equities through Friday's session, with tech related indices also softer, likely weighed on won sentiment.
  • To recap, the Kospi rose 0.66% for Friday's session, although we remain sub recent cyclical highs. Offshore investors added $393.3mn to local shares for the session, bringing week to date flows back into modestly positive territory.
  • The local data calendar is empty today, but BoK Governor Rhee will hold a bi-annual inflation briefing at 2pm local time.
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