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USD/KRW Holds Above 1350, President Yoon To Host Export Meeting

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The won couldn't build on gains from yesterday's Asia session, largely tracking within recent ranges. Support is evident ahead of the 1350 level, while recent highs sit around 1362. The 1 month NDF finished the NY session at 1352.70, while onshore spot ended yesterday at 1356.70.

  • Earlier, the BoK survey of business showed further deterioration, particularly for manufacturing, see this link for more details. Overall, the results point to a further slowing in South Korean GDP growth.
  • The chart below overlays manufacturers' export expectations from this survey against y/y export growth. Again, the outlook suggests headwinds for external demand. South Korean President Yoon will host a meeting today to review the export backdrop for the country.
  • In terms of other drivers for the won, the equity backdrop for the Kospi is more positive today, given the SOX rose 3% overnight, while the MSCI IT gained 1.75%. HP fell after the close though, following disappointing earnings results.
  • To recap, the Kospi lost 0.59% yesterday, while offshore investors sold -$46.7mn of local shares.

Fig 1: South Korean Manufacturers' Export Expectations Soften Further

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The won couldn't build on gains from yesterday's Asia session, largely tracking within recent ranges. Support is evident ahead of the 1350 level, while recent highs sit around 1362. The 1 month NDF finished the NY session at 1352.70, while onshore spot ended yesterday at 1356.70.

  • Earlier, the BoK survey of business showed further deterioration, particularly for manufacturing, see this link for more details. Overall, the results point to a further slowing in South Korean GDP growth.
  • The chart below overlays manufacturers' export expectations from this survey against y/y export growth. Again, the outlook suggests headwinds for external demand. South Korean President Yoon will host a meeting today to review the export backdrop for the country.
  • In terms of other drivers for the won, the equity backdrop for the Kospi is more positive today, given the SOX rose 3% overnight, while the MSCI IT gained 1.75%. HP fell after the close though, following disappointing earnings results.
  • To recap, the Kospi lost 0.59% yesterday, while offshore investors sold -$46.7mn of local shares.

Fig 1: South Korean Manufacturers' Export Expectations Soften Further

Keep reading...Show less