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1 Month Back Sub 20-day EMA on Lower US Yields, Better Equity Trend

KRW

1 month USD/KRW ended Thursday NY trade near 1365.6, a won gain of nearly 0.80%. The won benefited from broader USD softness, as yields pulled back, while US equity sentiment also improved. Note onshore won finished up yesterday's session at 1375.85.

  • The 1 month NDF is now sub the 20-day EMA, which sits back at 1368.55. This level will be watched on any rebound in the pair. Beyond that lies earlier May highs in the 1385/1386 region. On the downside, Oct highs from last year in the pair were around the 1360 level, while earlier April highs were near 1355.
  • The lead for the Kospi is better today, with tech outperforming during US equity trade on Thursday. The SOX rebounded 2.17%, the MSCI IT up 1.47%. US equity futures are also higher this morning, led by the Nasdaq (up nearly 0.6%), post Apple earnings results.
  • To recap, the Kospi fell 0.31% yesterday, while offshore investors sold $45.7mn of local shares.
  • The local data calendar is quiet today. There is a meeting between the FinMins of South Korea, Japan and China (along with central bank Governors) in Georgia.
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