May 27, 2024 22:47 GMT
1 Month USD/KRW Back Sub 1360, April Retail Sales
KRW
1 month USD/KRW maintained a downward trend post the Asia close on Monday. We got sub 1359, before ending Monday's session at 1359.3, a won gain of nearly 0.4%. Note onshore spot ended Monday's session at 1363.85.
- We are back sub the 20-day EMA for the 1 month NDF, but the 50-day sits slightly lower, last around 1357.25. The 100-day is further south at 1347. On the topside, recent highs rest close to 1370.
- The won benefited on Monday from broader USD weakness, coupled with a positive equity tone, albeit for the markets that were open (UK and US markets were shut on Monday for respective public holidays). US yields moved off recent highs at the end of last week.
- To recap the Kospi rallied over 1.3%, while offshore investors sold -$56.4mn of local shares, for Monday's session.
- The local data calendar has retail sales on tap today for April, which are typically not a market mover. On Friday, April IP and the cyclical leading index print.
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