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1 Month USD/KRW Back Close To 1300 Level

KRW

1 month USD/KRW finished around session lows in NY, close to 1301. Note spot ended yesterday's session at 1318.40, so expect some catch up in the first part of trading today. The won ended November nearly 9% firmer (in terms of the 1 month NDF). The low 1290 region, last seen in early August could be the next downside target.

  • The equity lead is a strong one for the Kospi, with tech indices outperforming broader market gains. To recap, the index gained 1.6% yesterday, while offshore investors added $844.3mn to local shares, bringing November flows to just over $3bn.
  • On the data front, Q3 GDP revisions were unchanged. Coming up shortly is November trade figures. The South Korean Finance Minister stated export growth likely posted a bigger decline, while the trade position likely remained in deficit.
  • The market expects export growth of -11.2% (-5.7% prior), while the trade balance is forecast at -$4.33bn (-$6.698bn prior).
  • The November manufacturing PMI is also due, last at 48.2.
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