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USD/KRW Just Shy Of Recent Cyclical Highs

KRW

1 month USD/KRW finished last week just above 1441, within striking distance of Thursday's fresh cyclical high near 1447. Note onshore spot closed on Friday at 1428.95, so expect some early catch up today. A slightly softer USD tone against the majors since this morning's open may help, while the authorities may also be active from a rhetoric standpoint, given we are close to recent highs in the pair.

  • The local equity focus will be on whether the Kospi can hold above 2200. The lead from offshore tech is a negative one, the SOX lost 8.25% last week, the MSCI IT 3.72%.
  • Still, offshore investors added +$310.1mn to local shares on Friday, bringing weekly inflows to +$626.8mn. The Kospi outperformed to a degree, only losing -0.91% last week.
  • The local data calendar is quiet until Friday, when the PPI prints for September. Also out is the first 20 days of trade data for October.

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