April 25, 2024 23:05 GMT
1 Month USD/KRW Back Near 1370, Upticks Faded This Past Week
KRW
1 month USD/KRW finished Thursday NY trade near 1370, a won gain of around 0.40%. Intra-session highs in the pair came around 1377.5, which coincided with the better than expected PCE print in the US. Broader USD softness followed post the print, with weaker Q1 GDP in the US providing some offset to the PCE beat. Note onshore KRW spot finished yesterday at 1374.80.
- EU/US equity sentiment was mostly weaker through cash trading on Thursday. However, US equity futures have surged at the Friday open, led by tech. Nasdaq futures are up over 1.10%, post strong earnings results for Alphabet and Microsoft.
- This may impart positive tech trends in Asia Pac trade today. To recap, the Kospi lost 1.76% yesterday, while offshore investors sold -$385.2mn of local shares.
- Broadly, 1 month USD/KRW is tracking lower, albeit unable to test sub the 20-day EMA (last near 1365.85). Highs in the pair have been getting progressively lower though.
- Today's data calendar is empty, but the Vice FinMin holds a meeting on inflation at 9am local time.
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