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USD/KRW 1 Month Drifts Higher, Current Account On Tap Today

KRW

1 month USD/KRW mostly tracked higher post the Asia close, although the pair capped out around the 1306.50/60 region. We closed in NY at 1305.80, slightly above Friday closing levels. Onshore spot ended yesterday just above 1306. The 1 month NDF remains below recent highs near 1310.50, but dips sub 1300 have been supported over the past few sessions.

  • The equity lead is more positive for South Korean shares today, with tech indices rebounding somewhat in Monday US trade. The SOX rose 1.09%, the MSCI IT a more modest 0.19%. Broader US equity gains were solid (SPX +0.90%).
  • The higher US yield backdrop, coupled with firmer USD/CNH and USD/JPY levels weighed on won sentiment though, offsetting the positive equity tone post the Asia close on Monday.
  • To recap, the Kospi lost -0.85% yesterday, the Kosdaq -2.20%. Offshore investors ended the session as net buyers of local equities though, +$64.8mn.
  • On the data front today, we have the BoP goods balance and current account figures for June. Both measures were in surplus in May.
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