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1 Month Near 1390, Broader USD Gains Offset Tech Equity Rebound

KRW

1 month USD/KRW mostly tracked higher post the Asia close on Tuesday, although the pair couldn't breach the 1390 level. We finished up near 1389, a won loss of 0.33%. Note onshore spot finished yesterday's session at 1387.40.

  • Broader USD gains weighed on the won, particularly in terms of CNH and JPY, with both these currencies tracking near recent lows against the USD. This offset a better US equity tone, led by the tech space. The SOX rebounded 1.79%, its first gain in 4 sessions, while the MSCI IT rose was up 1.61%.
  • To recap, the Kospi rose 0.35% yesterday, while offshore investors added $101.2mn to local shares.
  • Broader USD/KRW risks still appear skewed to the upside, particularly given yuan and yen trends. Focus will be on whether we can test towards 1400, although such a move risks a response from the authorities. For the 1 month NDF the 20-day EMA rests back at 1377.33 on the downside.
  • The local data calendar is empty today, but the BoK will release its financial stability report at 11am local time.
  • There is also some focus on a North Korean missile test this morning, although South Korea reports it may have failed per news wires (BBG). This follow's Russian President Putin's recent visit to North Korea.
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