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1 Month Holding Above 1360, Goods Balance, Current A/C Data Coming Up

KRW

1 month USD/KRW held above 1360 for much of Wednesday's session, although couldn't breach the 1365 level. We ended NY trade at 1363, a won loss of 0.42%. Note onshore spot ended yesterday's session at 1362.75.

  • There appears to be some upside resistance around the 20-day EMA, which is at 1364.85. Note on the downside that the 50-day EMA is close to 1355.15. Won losses on Wednesday were in line with broader USD trends, as US yield momentum was positive, albeit more so at the back end.
  • Tech related equity trends were close to flat, with both the SOX and MSCI IT indices consolidating close to their respective simple 50-day MAs.
  • To recap, the Kospi firmed 0.39% yesterday, consolidating above the 2700 level. Offshore investors added $293.9mn to local equities.
  • On the data front we have the March BoP goods balance and current account figures out shortly.
  • Also note President Yoon will hold a news conference at 10am local time (the first such conference held by the President in around 2yrs, per BBG).
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