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1 Month Ends Last Week under 1330, Govt To Unveil "Value Up" Program For Local Stocks

KRW

1 month USD/KRW rose post the Asia close on Friday. The pair ending near 1328.4, slightly weaker in won terms for the session, but still up modestly for the week. Note onshore spot ended Friday's session at 1331.10.

  • For the 1 month NDF we remain within Feb ranges. Recent lows near 1320 are intact, while the 50-day EMA near 1324 has been a support point this month. On the topside the 20-day EMA is near 1329.2, while firmer resistance is likely on any probes to 1340 or above this level.
  • Last week the focus was largely on better global equity trends, particularly in the tech space, against Fed push back against early rate cuts.
  • To recap, the SOX slip over 1% in Friday trade while the MSCI IT lost 0.25%, after very strong Thursday gains (post the Nvidia result). The Kospi was 0.13% higher on Friday, while offshore investors added $44.1mn to local stocks, bringing last week's inflows to $740.7mn.
  • The authorities are expected to announce a 'value up' program to resolve the so-called 'Korea discount' for local stocks today (per BBG).
  • The local data calendar is empty today, with the main focus this week on Friday's Feb trade data.
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