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1 Month USD/KRW Back Above 1350 As Tech Equities Falter, Q3 GDP Due Soon

KRW

1 month USD/KRW got above 1350 late in NY trade on Wednesday, but didn't breach Monday highs. We closed at 1350.75, a won loss of 0.64%. Note spot USD/KRW closed yesterday at 1349.45.

  • Won was weighed by broader USD gains amid a spike in back end yields (10yr back to 4.95%). Tech related equities also underperformed amid broader losses in US and EU markets.
  • The SOX lost 4.13%, amid a bearish outlook presented by Texas Instruments, while weaker Alphabet results also weighed. The MSCI IT index fell by 1.28%. US equity futures are also down in the first part of Wednesday trade, the Nasdaq contract off by around 0.75% at this stage.
  • To recap, the Kospi fell 0.85% yesterday, with offshore investors selling -$343mn of local shares.
  • Coming up shortly is Q3 GDP, the market consensus is 0.5% q/q (prior was 0.6%).
  • Earlier, Manufacturing sentiment for November edged up to 69 from 67, but non-manufacturing sentiment fell sharply to 69 from 77.
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