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1 Month Consolidates Sub 1290, First 20-days Nov Trade Data Out This Morning

KRW

After making fresh lows sub 1284 during Monday's Asia Pac session, 1 month USD/KRW consolidated thereafter. NY session lows were around 1285.50, while moves above 1290 drew selling interest. We ended at 1286.40 (+0.54% higher in won terms, broadly in line with USD index losses), while onshore spot finished up yesterday at 1291.55.

  • The broader macro backdrop still looks conducive for won gains. A break sub 1280 could see a move towards late July lows close to 1265 targeted.
  • The Nasdaq closed at its highest level since Jan 2022 in US trade on Monday. The SOX rose 1.52%, its fifth straight gain, the MSCI IT index gained 1.4%.
  • To recap, the Kospi rose 0.86% yesterday, while offshore investors added $217.4mn to local shares.
  • On the data front, we have already had the PPI, which printed at 0.8% y/y, versus +1.4% prior. Coming up in a little while is the first 20-days of trade data for November.
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