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1 Month Back Above 1360, Although Tech Equities Outperform

KRW

1 month USD/KRW spent most of the post Asis close on Tuesday tracking higher. We got to around 1362 by late NY trade, a won loss of just under 0.20%. Note onshore spot finished up at 1358.35 yesterday.

  • Broader USD sentiment recovered, with JPY the weakest performer in the G10 space for Tuesday's session, which acted as a won headwind. US yields were higher post a better than expected consumer sentiment print, along with poor auction results.
  • Monday NY closing levels (for the 1 month NDF) were very close to the 20-day EMA, while the 50-day remains close by at 1357.45. Broader ranges remain firmly intact with the 100-day EMA near 1347.5, while recent highs were marked at 1369.35.
  • Offshore equity sentiment was mostly negative through Tuesday trade, although tech indices outperformed. The SOX up 1.86%, the MSCI IT up 1.16%. To recap, the Kospi ended Tuesday's session flat, while offshore investors added $104.7mn to local shares.
  • The local data calendar is empty today. The Finance Ministry and the BoK will release a statement on the extended FX trading pilot program (per BBG).
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