Won Outperforms Weaker CNH Trend, USD/KRW Holds Sub 1300

1 month USD/KRW spent most of the post Asia close in the 1295 to 1300 range. We finished up in NY trade just under 1296. This is close to the 100 (1295) and 200 (1296) day EMAs. Note that onshore spot finished just under 1297 yesterday. The won outperformed the weaker CNH tone.

• Q4 GDP revisions printed earlier. There was little change to the initial estimates, with q/q growth remaining at -0.4%, while the y/y was revised a touch lower to 1.3% (from 1.4%).
• Also note that BoK Governor Rhee will take questions from local reporters at 11am local time.
• South Korean President Yoon is also expected to visit Japan in the second half of next week to meet with Japan PM Kishida. Both sides appear to be seeking to move beyond the forced labor issue and improve security and economic ties.
• North Korean headlines also crossed earlier today that the US cannot act against tests in international waters. This comes ahead of large scale military exercises between South Korea and the US (see this link for more details).
• For the Kospi, the offshore lead is less positive today, with some tech indices falling in Monday trade. To recap, the Kospi rose 1.26% yesterday, with offshore investors adding $151.9mn to local shares.