Spot USD/KRW ended extended trade on Monday above 1329, comfortably up from earlier lows just under 1320. The 1 month NDF finished up NY trade on Monday at 1325.3. Spot was close to unchanged for Monday's session, while the 1 month NDF lost 0.24%.

• This fits with broader USD index trends, which recovered some ground on Monday following sharp losses on Friday. Support came from a modest uptick in US Tsy yields, as Fed's Daly presented some caution around the size/pace of rate cuts (although still echoed Chair Powell's view around kicking off the rate cut cycle).
• US stocks indices were also lower, led by tech ahead of Nvidia earnings on Wednesday. The SOX fell 2.51% in Monday trade, the MSCI IT index fell 1.10%, weighing on won sentiment at the margins.
• To recap, the Kospi couldn't sustain levels above 2700 yesterday. Offshore investors sold -$430.3mn in local shares.
• Locally today we have retail/department store sales for July. There may be extra focus on these prints given government efforts to boost consumption.
• Also note Bok Governor Rhee speaks at a forum at noon local time (per BBG).