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1 Month USD/KRW Back Above 1300, Tech Equities Weaken

KRW

1 month USD/KRW got back close to 1304 late in NY trade on Wednesday (closing at 1302.70) amid broad USD gains. This was a won loss of 0.63%. Note onshore spot ended yesterday at 1298.55.

  • Yesterday's lows came in close to 1295, while late June highs rest above 1322. Key EMAs are all clustered between 1300 and 1306.
  • The local data calendar is quiet today, with May BoP current account and goods balance data on tap tomorrow.
  • The South Korean Finance Minister is attending the 8th Korea-UAE joint economic committee meeting at 10:30am local time.
  • In the equity space, the lead for the Kospi is a negative one today. Major indices were weaker in US/EU Wednesday trade, while the SOX fell 2.2% and the MSCI IT lost 0.61%.
  • To recap, the Kospi fell 0.55% yesterday, unable to hold recent gains above 2600 in index terms. Offshore investors did add $224.3mn to local equities though, bringing week to date flows to $457.3mn.

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