March 20, 2023 22:54 GMT
1 Month USD/KRW Back Closer To 1300, First 20-Days March Trade Data On Tap
1 month USD/KRW finished NY trade around the 1302.50 level, after finding selling resistance above 1310 through Monday's session. Note onshore spot ended yesterday at 1310.50. The won benefited, post the Asia close, from the broader recovery in equity sentiment, although tech related areas weren't a focus point.
- Key EMAs sit nearby, with the 100 and 200 day around 1297/98, while the 50-day is slightly lower around 1291.50.
- On the data front, we have already had the Feb PPI print, coming in at 4.8% y/y, versus 5.1% prior. We continue to move lower from the mid 2022 peak of ~10% y/y.
- Later on, we get the first 20-days trade data for March. Early trends in March (the first 10-days) showed export growth still under pressure (-16.2% y/y). Export growth to major markets, such as the US and China, will also be eyed by the market, as will the trade deficit position.
- Yesterday saw -$184mn outflows from local equities by offshore investors after the Kospi ended the session -0.69% weaker.