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1 Month USD/KRW Back Close To Downside 50-day MA Test

KRW

1 month USD/KRW saw a brief spike above 1320 post the payrolls print in US trade on Friday. However, this proved short-lived with the pair closing back under 1316 by the close. Friday's session was a South Korean holiday, but the 1 month NDF mostly tracked lower, while Thursday's closing level in spot was 1322.60.

  • The equity lead for the Kospi is a positive one today, with the SOX (+2.25%) and MSCI IT (+2.45%) indices both performing strongly through Friday's session. Risk appetite was generally on the front foot post the US NFP print.
  • Won bulls will eye a test of the simple 50-day MA, which comes in around 1313. Note the 200-day MA sits higher, just above 1326.
  • The local data calendar is quiet today, with Wed delivering Mar goods balance and current account figures, along with the Apr unemployment rate.
  • There will still be some focus on Japan PM's trip to South Korea today, with Kishida set to meet with South Korean business leaders before returning to Japan.
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