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Won Outperforms On Equity Rally, Offshore Inflows

KRW

1 month USD/KRW has tracked lower in the first part of dealing today. The pair is now at 1320/21, a won gain of 0.40%, building on Wednesday's +0.92% rally. We aren't too far away from the 20-day EMA (~1319). The won is outperforming a firmer USD trend against the majors.

  • The won is benefiting from the onshore equity rally, with the Kospi +1% higher at this stage, while offshore investors have added nearly $200mn to local equities so far today.
  • A hawkish BoK hold today has likely helped at the margin, although it is unlikely to be the main driver of won strength, with the better equity trend a bigger driver.
  • BoK Governor Rhee stated that it isn't concerned with USD/KRW levels but will manage volatility in the exchange rate.
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