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Won 1 Month NDF Loses Nearly 1.5%, YTD Lows Back In Focus

KRW

1 month USD/KRW rose nearly 1.50% for Tuesday's session. We finished the NY session near 1316.50, amid broad USD gains. This puts us back close to late Feb/early March highs in the 1320/25 range. Note onshore spot ended yesterday just under 1300, so the early bias will be to the topside today. The domestic data calendar is empty.

  • Note the South Korean Trade Minister will be in the US from 8-10 March to discuss the US Chips Act, while President Yoon will attend a state dinner with US President Biden on April 26.
  • Won sentiment is likely to be dictated by broader risk sentiment flows. The lead for Korean equities is negative today, with the SOX (-1.07%) and MSCI IT (-1.33%), both down for Tuesday's trade.
  • To recap, the Kospi ended close to flat, but offshore investors added $239.3mn to local shares, bringing week to date inflows to just over $390mn.
  • The Finance Minister has also been on the wires this morning, stating that the jobless rate and employment situation should remain sound in 2023. Onshore media (Yonhap) has also stated that South Korea is actively seeking to join the QUAD working groups.
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