May 20, 2024 23:54 GMT
1 Month Pushes Back Up Towards 1360, May First 20-days Trade Data Up Soon
KRW
1 month USD/KRW drifted higher post the Asia close on Monday. We couldn't get beyond 1360 in NY trade though and finished up at 1359, a won loss of 0.55%. Broader USD sentiment was mostly positive as US yields drifted higher, with Fed speak pushing the higher for longer theme. Note onshore spot finished up at 1355.85 yesterday.
- The push higher in the 1 month NDF has us back above the 50-day EMA (around 1355.9). The 20-day is near 1361. Recent support has been evident around the 100-day (near 1345.4).
- Equity sentiment was more positive in the tech space in US trade on Monday. The SOX rebounded 2.15%, the MSCI IT up 1.2%. To recap, the Kospi rose 0.64% yesterday, with offshore investors net sellers of local equities though (-$47.4mn).
- We have already had the May consumer sentiment print, which showed a dip in the headline, but inflation expectations ticked higher (see this link).
- Coming up shortly we have the first 20-days of May trade data.
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