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Corrective Bounce

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Won Strengthens For Second Day

KRW

The won has strengthened in early trade, moving higher alongside the KOSPI. KRW 1-month NDF's did initially decline as stops were triggered in USD, but the move reversed as the session wore on.

  • KRW 1-month implied has risen, last up 18bps at 7.7475%, not too far off the February high at 8.00%.
  • South Korea reported on Monday that AstraZeneca will start delivering the first batch of its COVID-19 vaccine to South Korea starting from Feb. 24, Prime Minister Chung Sye-kyun has said previously he expects the first phase of inoculation will begin as soon as vaccines are delivered.
  • There is no data on the docket, but the finance ministry are scheduled to release the monthly budget report at 0600GMT/1400KST alongside the 2020 total revenue/expenditure report. Volumes are expected to be thin and news flow light in the approach to LNY.
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