USD/KRW Rebounds +1.5% From Lows, CNH & Broader USD Gains Weigh

1 month USD/KRW finished the NY session just under 1435, +0.66% higher in the past 24 hours (and +1.5% from yesterday's lows). This is the first gain in the pair for this week. A firmer USD trend across the board, coupled with weaker US equity market, weighed on the won. Spill over from record highs in USD/CNH likely didn't help either. Resistance should be evident in USD/KRW above the 1440/45 region if seen, with recent cyclical highs not too far from the 1450 level.

• Today's domestic data calendar is quiet, tomorrow the September PPI prints early doors, followed by the first 20-days trade data for October.
• Note onshore the Vice Finance Minister is hosting a FX prudential committee meeting early Seoul time, so be mindful of headlines that may flow out from that. The BoK will also release a research note on developments in the credit sector. This could focus on recent stresses in the sector, with yields on commercial paper surging of late.
• Otherwise, the focus will rest on equity trends, the Kospi lost 0.56% yesterday, but offshore investors still added $139.5mn to local equities, bringing week to date inflows to +$336.4mn.