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USD/KRW Hits Fresh Multi Month Lows, Upticks Continue To Be Sold

KRW

1 month USD/KRW is make fresh lows sub 1276/77 at the time of writing. This is around 0.50% firmer in won terms versus Monday NY closing levels. The pair did see some support (high just above 1283) post the PBoC rate cut announcement, which drove USD/CNH higher, but as has been the case in recent sessions the market used the uptick as selling opportunity.

  • We are now back close to late Mar lows near 1274, a break below would target a move into the 1260/70 region, levels last seen in the first half of Feb.
  • Onshore equities are higher, with the Kospi +0.20%, the Kosdaq +1.00%, although offshore investors are still sellers of local equities, -$36mn

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