USD/KRW 1 month finished the NY session just under 1425, above lows of around 1418. Note onshore spot finished yesterday at 1422.45. The rebound in the 1 month NDF was in line with broader USD gains, although the won outperformed to a degree. Data out later today is retail sales/department store sales for August, which typically not a market mover.
- For the 1 month NDF, highs from last Thursday around 1413 may generate support, if we see further USD downside, although the early tone has been for a stronger USD today against the majors. On the topside, expect to see some resistance on moves above 1430.
- The equity lead for local markets is a bit more positive today. The SOX and the MSCI IT indices gained overnight, while the Kospi managed a small gain yesterday.
- Offshore investors resumed net selling of local equities though (-$138.5mn).
- Note US Vice President Harris will visit the DMZ on Thursday, so be mindful of geopolitical tensions.