1 Month USD/KRW Back Close To 200-Day MA

1 month USD/KRW finished the NY session around the 1317 level, a +1.10% rise against Friday closing levels from last week. The won underperformed despite a late recovery in US equity sentiment. Broader USD gains and the firmer yield backdrop dominated. For onshore spot we closed yesterday at 1311.30.

• The simple 200-day MA for the 1 month comes in around 1324.50/60. In NY trade we got close to the 1320 level. As we have noted recently, moves above the 200-day MA have been good selling opportunities in the pair, with last week's test above this level proving unsustainable.
• Still, the recovery in USD/KRW has been swift, with last week's NPS swap announcement not providing a great deal of downside post the initial announcement. Broader shifts in USD sentiment have dominated in recent sessions.
• The local data calendar is empty today, but President Yoon will hold a cabinet meeting at 10am local time.
• In the equity space, there was some slight underperformance in the tech sector, with the SOX slipping in Monday trade. The Kospi did manage to climb yesterday (+0.17%), but offshore investors were modest net sellers of local equities (-$11.2mn).