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Won Rebounds, Aided By Better Equity Tone/Step Up In Official Rhetoric

KRW

1 month USD/KRW finished lower for Thursday trade, ending near 1336.5, a won rebound of nearly 0.50%. The pair couldn't see much downside sub the 1335 level though. For onshore spot we finished up at 1339.30.

  • The won benefited from the improved global equity tone in US and EU markets through Thursday trade, which saw broad based gains. Tech plays outperformed with the SOX up 3.36%, while the MSCI IT gained nearly 2% in Thursday trade.
  • The other factor likely benefiting the won was the recent step in official rhetoric around won losses, which happened earlier in the week. This may have encouraged some profit taking on long USD/KRW positions.
  • To recap, the Kospi rose 0.17% Thursday, while offshore investors sold a modest -$21.5mn of local shares. This week to date has seen -$989.4mn in net outflows.
  • The local data calendar is empty today. Things ramp back up on Monday with the first 20-days of Jan trade data.
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