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1 Month Can't Sustain 1320 Topside Breach, BoK & First 10 Days Trade Data On Tap Today

KRW

1 month USD/KRW got close to 1321 late in Asia Pac trade on Wednesday. We pulled back to 1314/15, before ending the NY session near 1317, little changed versus end Tuesday levels. Note onshore spot finished at 1320.25 yesterday.

  • Topside focus remains on whether the 1 month NDF can sustain a break above 1320 and test Dec 7 highs near around 1325. Earlier lows this week come in just under 1307, which is not too far off the 20 and 50-day EMA support points.
  • The BoK decision will be the main focus point (see our preview here). No change is expected, but markets will be looking for any fresh dovish rhetoric as rate cuts are broadly expected to start in Q2/Q3 this year.
  • Also note the first 10-days of trade data for January are out today.
  • In the equity space, tech trends were mixed on Wednesday. The SOX fell, but the MSCI IT rose nearly 1%. To recap, the Kospi lost 0.75% yesterday, with offshore investors selling -$190.4mn of local shares.
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