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TD Securities expects USD/KRW support near 1,400
The firm has entered short KRW positions via NDFs, but flagged unhedged foreign inflows as the main upside risk to the won.
TD Securities has turned bearish on the South Korean won, arguing USD/KRW is likely to find support around 1,400 as recent KRW strength fades, according to FXStreet.
The bank says it has entered short KRW positions against both the dollar and the Japanese yen via NDFs, pointing to stretched valuation, waning momentum, and a negative correlation to AI equities.
FXStreet reports the firm views unhedged foreign inflows as the key risk that could push USD/KRW away from that 1,400 support level.
In its broader market wrap, FXStreet also cited other late-day currency moves and noted that investors are set to focus on the FOMC Minutes next.
The outlet also included a macro-and-rates snapshot, saying the 30-year US Treasury yield was at 5.33% as of Monday, its highest level since 2007.