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1 Month USD/KRW Back Above 1300, First 20-Day Trade Data Out Today

KRW

Lows in 1 month USD/KRW were at 1295 early in Wednesday trade. By late in NY trade we had spiked close to 1304. We closed near 1302 a won loss of around near 0.30%, in line with the BBDXY's +0.30% gain. Note the 20-day EMA is close back at 1303, while onshore spot ended yesterday at 1298.95.

  • The won faltered amid the broad equity risk off seen late in US trade. The MSCI IT fell 1.43%, its first decline in 10 sessions, while the SOX dipped 2.86%. A fundamental catalyst for the equity risk off wasn't apparent but it clearly spilled over into other asset classes.
  • To recap, the Kospi rose near 1.8% yesterday (index to 2614.3), while offshore investors added $377.8mn to local stocks. Such trends may be under pressure in early trade today, given US moves.
  • On the data front today we have the first 20-days of trade data for Dec. Earlier the Nov PPI rose 0.6% in y/y terms, versus 0.7% prior.
  • The National Assembly will hold a session today to vote on the government's 2024 budget proposal (BBG).
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