Spot USD/KRW tracks near 1333 in early Friday dealings, slightly down on end Thursday levels. The 1 month NDF is little changed, last near 1330.5. the won is up modestly for the past week, around 0.40% against the USD. Ranges are well established as we approach the payrolls print later, with recent highs near the simple 200-day MA (near 1346.45), while late August lows were just under 1320.

• The Kospi is off 0.50%, leaving the index near 2560, continuing a recent underperformance trend, although we are up from early August lows (sub 2400). Offshore investors remain net sellers of local equities, with a further -$124.5mn in net outflows so far today, with just over $1.4bn in outflows week to date.
• The broader tech equity headwinds are likely limiting won gains to a degree, at least relative to other Asian currencies.
• THB is up a further 0.30%, the clear Asian FX outperformer this past week. PHP is +0.4% so far today.
• On the data front we had July goods balance and current account figures earlier. The surplus for both accounts narrowed to just under $8.5bn for good and near $9bn for the current account. We are just off recent highs for both metrics. A larger services deficit weighed on the current account.
• On the geopolitical front, outgoing Japan PM Kishida will be in South Korea today and tomorrow, this will include meetings with President Yoon.