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1 Month USD/KRW Back Above 200-day MA

KRW

1 month USD/KRW got to fresh highs above 1316 late in Thursday trade in NY. The twin headwinds of higher US yields, weaker US equities, aided broader USD sentiment. The won lost 0.68% in 1 month NDF terms, the third straight daily loss. Note onshore shore finished yesterday at 1309.75.

  • The 1 month NDF is now back above the simple 200-day MA (1313.50). The 200-day EMA is slightly higher at 1317.60, the 100 day at 1325.7. Recent dips towards 1300 have been supported.
  • The MSCI IT index fell for the first time in 10 sessions in Thursday trade, down 0.33%, while the SOX index lost 0.59%, amid broad US equity losses.
  • The real US 10yr yield rebounded noticeably, +14bps to 2.29%, as Fed Chair Powell delivered hawkish rhetoric (not yet confident Fed is sufficiently restrictive).
  • To recap, the Kospi rose 0.23% yesterday, while offshore investors added $205.8mn to local shares.
  • The local data calendar is empty until early next week.
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