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USD/KRW Holding Within Monday Ranges, Local Equities Bouncing

KRW

Spot USD/KRW has had a relatively steady start, the pair slightly lower in early dealings, last at 1367.5. We are off earlier highs above 1372. Monday's range was close to 1355/1375 in pair, so we remain well within these ranges. The 1 month NDF was last near 1365.

  • FX moves remain much more muted compared to equity volatility. in early trade today, the Kospi is up over 5% following yesterday's 9.39% dip amid the global equity tech rout.
  • The tone in US equity futures is firmer, led by the Nasdaq up +1.73% at this stage. This along with the firmer onshore equity tone is providing some offset to rebounding the USD/JPY and slightly higher USD/CNH levels. Still the won is lagging other higher beta FX gains like AUD and NZD (both 0.60% firmer today).
  • The authorities were on the wires earlier stating they will take steps against excessive volatility in financial markets.
  • The local data calendar is empty until tomorrow's June BoP goods balance and current account data.
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