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Won Best Performer In Asia FX For The Past Week, Strong Equity Inflows Today

KRW

Won has outperformed in Asia FX over the past week. In spot terms the currency (last 1323/24) is the only one within the region to record a gain against the USD over this period (albeit a modest one at +0.2%). The 1 month USD/KRW NDF is back to 1321/22, around -0.60% sub NY closing levels from Thursday. This puts us back below the simple 200-day MA (1327.30), but are well up form recent lows around 1306.

  • Onshore equities are up modestly so far today, +0.20%, with tech sentiment remaining positive post Nvidia's results. We have seen chunky inflows from offshore investors in Korean shares, +487.7mn so far today, bringing weekly inflows to $881.6mn. For May we have seen $2054.5mn in inflows.
  • Offshore investors are likely moving into tech/chip related plays.
  • Lower USD/CNH levels, seemingly aided by state banks selling USD/CNY onshore is likely helping won sentiment, although the won has noticeably outperformed during this latest round of China currency weakness.
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