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1 Month Holding Above 1360, Manufacturing Sentiment Improves

KRW
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1 month USD/KRW couldn't sustain sub 1360 levels post the Asia close on Tuesday, equally we didn't revisit earlier highs at 1365. We ended NY trade at 1362.15, a further won loss of 0.24%, the third straight session fall. Note onshore spot ended yesterday's session at 1363.30.

  • The 1 month NDF sits very close to the 20-day EMA, while mid May highs rest near 1370. The 50-day EMA is at 1356.25 on the downside.
  • On the data front, we have already had the April PPI print, which firmed to 1.8% y/y, from a revised 1.5% rise in March. The BoK business sentiment surveys June saw manufacturing improve to 76, from 74, while non-manufacturing rose to 72 from 71.
  • This should help offset the weaker consumer sentiment readings yesterday from a growth standpoint. Manufacturing sentiment is now back to Q3 2022 levels.
  • Later on Q1 data on short term external debt will print.
  • Offshore equity sentiment was mixed in Tuesday trade with EU markets weaker, while US aggregate indices rose a touch. Tech indices didn't shift greatly. To recap, the Kospi finished down slightly yesterday but remained above the 2700 level. Offshore investors sold -$81.2mn of local equities.
  • Looking ahead, the main focus will be on tomorrow's BoK decision. No change is expected, but focus is likely to rest on the outlook, particularly easing risks in H2.
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1 month USD/KRW couldn't sustain sub 1360 levels post the Asia close on Tuesday, equally we didn't revisit earlier highs at 1365. We ended NY trade at 1362.15, a further won loss of 0.24%, the third straight session fall. Note onshore spot ended yesterday's session at 1363.30.

  • The 1 month NDF sits very close to the 20-day EMA, while mid May highs rest near 1370. The 50-day EMA is at 1356.25 on the downside.
  • On the data front, we have already had the April PPI print, which firmed to 1.8% y/y, from a revised 1.5% rise in March. The BoK business sentiment surveys June saw manufacturing improve to 76, from 74, while non-manufacturing rose to 72 from 71.
  • This should help offset the weaker consumer sentiment readings yesterday from a growth standpoint. Manufacturing sentiment is now back to Q3 2022 levels.
  • Later on Q1 data on short term external debt will print.
  • Offshore equity sentiment was mixed in Tuesday trade with EU markets weaker, while US aggregate indices rose a touch. Tech indices didn't shift greatly. To recap, the Kospi finished down slightly yesterday but remained above the 2700 level. Offshore investors sold -$81.2mn of local equities.
  • Looking ahead, the main focus will be on tomorrow's BoK decision. No change is expected, but focus is likely to rest on the outlook, particularly easing risks in H2.