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1 Month USD/KRW Back Close To Early May Lows, Onshore Markets Return

KRW

1 month USD/KRW maintained a downward trajectory through post Asia trade on Wednesday, albeit with some degree of volatility. We ended the NY session near 1351.4, a won gain of nearly 0.90%. The won was aided by broader USD softness amid weaker yields and firmer equities. Note onshore spot ended Tuesday's session at 1369.15 (as onshore markets were closed yesterday).

  • For 1 month USD/KRW NDF, earlier May lows at 1345.6 aren't too far away. Below that sits the 100-day EMA near 1345. On the topside we have the 50-day EMA at 1356.15, while the 20 day is higher around 1363.
  • For returning local equity markets the offshore lead is positive. Tech related indices outperformed in Wednesday US trade, the SOX up around 2.8%, the MSCI IT index up +2.2%.
  • US real 10yr yields fell to 2.05% (lows back to the first half of April), as the US data mix of broadly in line CPI, but softer retail sales, raised Fed easing hopes.
  • On the data front today we have March money supply figures, where are unlikely to be a market mover. Tomorrow, unemployment figures are out for April.
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