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USD/KRW Little Changed, Onshore Trading Hours Extended

KRW

The USD/KRW 1M NDF is currently trading a touch higher today, with the KRW up against most G10 currencies as risk appetite improves amid a rally in tech stocks.

  • Broader 1-month USD/KRW ranges remain intact, trading at 1,378.27. The pair tested recent cycle highs of 1,385 on Friday unable to break these levels and has since sold off although we still above all moving averages, with the 50-day EMA has acting as a floor over the past few weeks and comes in at 1,364.78.
  • The Kospi is 1% to 2,767.06, supported by improved risk appetite driven by gains in tech stocks and global interest following a rally in US tech stocks, while the Kosdaq is down 0.28% at 856.53.
  • The KRW edges higher as USD/KRW falls 0.03% to 1,380.70, with local stocks gaining amid improving risk sentiment. However, local importers are seen buying dollars on dips amid expectations for a strong USD due to the delay in Fed rate cuts and geopolitical risks in Europe.
  • Korean residents purchasing overseas stocks are also driving dollar demand.
  • South Korean officials from the BoK and finance ministry are visiting Tokyo for two days of meetings with Japan’s FX committee members and major investors, aiming to introduce ongoing FX reforms.
  • Korea’s onshore currency will trade until 2 a.m. Seoul time starting July 1, extending from the current 9 a.m. - 3:30 p.m. window to improve market access and stability.
  • Looking ahead, May PPI is due out on Friday.
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