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Won Back To 1430 Handle On Equity Rebound

KRW

After spiking to 1447 post the US CPI print, 1 month USD/KRW finished the NY session just under 1431. Note onshore spot ended yesterday at 1431.10.

  • The equity lead from offshore tech was positive overnight. To recap, the Kospi dipped 1.80% yesterday, although offshore investors added $111.4mn to local shares. This bought week to date net inflows to $316.7mn.
  • The South Korean Vice Finance Minister has already crossed the wires today, stating the authorities will act if herd behaviour is seen in markets. This comes after overnight volatility post US inflation data. The comment is very much in line with recent rhetoric though.
  • Earlier, trade prices for September showed a slight acceleration in import prices (24.1% y/y from 22.9%), while export prices also rose to 15.2% y/y, from 13.0% last month.
  • The unemployment rate also edged higher to 2.8% in September, from 2.5%. We are still only slightly above recent cyclical lows on this metric. Employment growth moderated to 2.6% y/y from 2.9% last month.
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