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Won Slightly Outperforms Firmer USD Trend, BoK Minutes Out Later

KRW

Spot USD/KRW remains wedged above 1380, ending extended Monday trade at 1382.85. The 1 month NDF finished NY trade just under 1379.5, with both pairs posting modest gains against the USD for Monday's session. This slightly outperformed the generally firmer USD tone against the majors (BBDXY rose 0.26%).

  • Still, USD/KRW remains comfortably within recent ranges. For spot the 50-day EMA is close by around 1378, while recent highs were at 1390.65 (July 19).
  • The local equity lead for the Kospi is less positive today, with EU markets down in Monday trade, while US indices posted gains less than 0.1%. The SOX index slipped 0.30%, while the MSCI IT declined by 0.35%.
  • To recap, onshore equities climbed 1.23% yesterday, while offshore investors added nearly $400mn to local equities.
  • The local data calendar has retail sales/department store sales today, but his is unlikely to move market sentiment.
  • Later on we also get the BOK Minutes from the last policy meeting.
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