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1 Month USD/KRW Back Sub 1275

KRW

USD/KRW 1 month saw greater downside impetus late in Tuesday's Asia Pac session, playing some catch up with stronger CNH levels. We saw support emerge though in the 1271/72 region. On the upside moves into the 1276/77 area drew selling interest, we finished up at 1274.60 in NY (a won gain of 0.33%). Note onshore spot finished yesterday's session at 1275.35.

  • We have already had July consumer sentiment print, with the headline index continuing to rebound, which bodes well for GDP momentum. Inflation expectations also ticked down further in the month (see this link).
  • The equity tone was positive in the tech space during US Tuesday trade, with the MSCI IT up 1.10%, the SOX +1.70%. After hours we saw mixed earnings in the tech space, with Nasdaq futures tracking modestly lower (-0.25%) at this stage.
  • The Kospi finished up +0.30% yesterday, the Kosdaq +1.08%, while offshore investors sold a chunky -$717.9mn of local shares.
  • SK Hynix has already reported better than expected Q2 revenue (albeit still -47% in y/y terms), with the company citing surging AI interest as the driver of a recovery in the chip market (see this link for more details). More earning results today, including from Samsung subsidiaries, are due.
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