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1 Month USD/KRW Back Sub 1320, But Equity Jitters May Curb Downside

KRW

1 month USD/KRW pulled away from Monday session highs near 1324, getting to 1318 in NY trade. We finished Monday's session at 1318.70, a won loss of 0.20%, so underperforming broader USD index trends (BBDXY -0.12%). Onshore spot ended yesterday's session at 1325.10.

  • Lower USD/JPY levels, amid intervention fears, likely aided the won come back in offshore trading. Still, with tech equity sentiment faltering somewhat (SOX -0.97%), MSCI IT -0.40%), we still saw some modest won underperformance.
  • To recap, the Kospi finished down 0.24% yesterday, while the Kosdaq lost 1.89%, unwinding all of its bounce post the recent short selling ban announcement. Offshore investor flows were flat for Monday's session.
  • On the data front we have already had Oct trade prices. Export prices rose 0.5% m/m, but were -9.5% y/y, slightly weaker than the Sep -8.9% pace. Import prices rose 0.5% m/m, versus +3.0% m/m in Sep. The y/y pace was -10.2% y/y. Out later on is Sep money supply figures.
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