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Won Outperforming Despite Cross-Asset Headwinds

KRW

The won is outperforming so far today. Spot is back to around the 1280 level, while the 1 month NDF sits sub 1278 in latest dealings. Earlier highs were around the 1282.60 level in the 1 month NDF.

  • There doesn't appear an obvious catalyst for won gains, although it does continue the June trend of won outperformance.
  • USD/CNH is back to 7.1800, while the region equity tone is a weaker one. The Kospi is only tracking modestly lower and still holding above the 2600 level for now. Offshore investors have been net sellers of local equities today, with -$267.1mn in outflows.
  • These headwinds may constrain further won gains, with dips sub 1270 supported recently.
  • Tomorrow the data focus will largely rest on the first 20-days of trade data for June.
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