NDF Rises to 1,471.90/1,472.30 Won—Up 6.40 Won

(Seoul=Yonhap Infomax) Ji Yeon Kim – The one-month dollar-won non-deliverable forward (NDF) contract climbed in overnight New York trading.

According to overseas brokers on the 21st, the one-month dollar-won NDF was last quoted at 1,472.10 won (mid) overnight in New York.

Taking into account the latest one-month swap point of -2.20 won, this represents a 6.40 won increase from the previous session’s closing spot rate in the Seoul foreign exchange market (1,467.90 won).

The bid was quoted at 1,471.90 won and the ask at 1,472.30 won.

The US dollar initially faced downward pressure after data showed the US unemployment rate in September rose to its highest level in nearly four years. However, the greenback later rebounded slightly as the New York stock market reversed lower.

According to the US Department of Labor, the September unemployment rate climbed to 4.4%, up 0.1 percentage point from the previous month, marking the highest level since October 2021 (4.5%).

Nonfarm payrolls increased by 119,000 in the same month, more than double the market consensus of 50,000. However, figures for the previous two months were revised down by 33,000. The August figure was revised from a 22,000 gain to a 4,000 decline.

Overnight, Federal Reserve Governor Michael Barr and Cleveland Fed President Beth Hammack both noted that inflation remains elevated. Fed Governor Lisa Cook commented that asset prices are historically high, increasing the risk of a significant correction.

At the close of trading, the dollar index rose to 100.248.

The dollar-yen rate stood at 157.573 yen, while the euro-dollar rate was at 1.15259 dollars. The dollar-offshore yuan (CNH) rate was 7.1181 yuan.

jykim2@yna.co.kr

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