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1 Month USD/KRW Back Close TO YTD Highs

KRW

1 month USD/KRW closed above 1340 in NY on Friday. This is right on earlier May highs, while on the 27th of Apr we got close to 1344, which was a YTD high. A breach of these levels could see the low 1360 region targeted, highs last seen in Nov 2022. On the downside the simple 200-day MA sits back at 1326.52. Note onshore spot closed at 1334.45 on Friday.

  • Broader USD gains, post higher than expected inflation expectations, weighed on the won. Equity sentiment was also weaker in US trade, but only modestly, and didn't appear to be a major driver of the won sell-off. To recap, the Kospi closed 0.63% weaker on Friday, with offshore investors selling -$221mn of local shares.
  • So close to previous YTD highs for USD/KRW may elicit a response from the South Korean authorities, verbal or otherwise.
  • The data calendar is quiet today, with trade prices for Apr due tomorrow. The South Korean government has reportedly agreed on the power/gas price hike (see this link).
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