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1 Month Finds Selling Interest Around 1310, Firmer Tech Equities Help

KRW

1 month USD/KRW Tuesday highs were late in Asia Pac trade just above 1310. We pulled back to 1303 by the NY close, still a won loss of 0.41%, the first in 5 sessions. Spot ended onshore Tuesday trade at 1308. The 1 month NDF is sub all key EMAs, while the simple 200-day MA is around 1312.6 and may act as an upside resistance point. Recent lows were near 1290.

  • Won sentiment was aided by tech equity gains in US trade on Tuesday. The SOX rose 0.77%, while the MSCI IT gained 1.06%, (it's 8th straight gain). Lower US real yields, 10yr back to 2.19%, helped sentiment, even as Fed speak stayed mostly hawkish.
  • To recap, the Kospi fell 2.33% yesterday, the Kosdaq -1.80%, with both indices finishing up from session lows. Offshore investors added $138.3mn to local equities.
  • On the data front today we have Sep goods balance and current account figures. There are no consensus estimates but we have reported healthy current account surpluses for the past 4 months.
  • FinMin Choo holds a meeting with exports at 8am local time, while US Secretary of State Blinken arrives for a two-day visit as well today.
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