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1 Month USD/KRW Backs Away From 200-Day EMA, But Uptrend Remains Intact


1 month USD/KRW got to fresh highs in NY trade, around 1294, before moving back to 1287/88 into the close (+0.26% for Thursday's session). The 100 and 200 day EMAs are at 1292.3 and 1295 respectively, so we may some resistance around these levels. Note onshore spot ended yesterday at 1284.75.

  • The local data calendar is empty until early next week. We do have the Finance Ministry releasing its monthly economic report.
  • Also note the Defence Minister will attend a parliament session, with the South Korean government labelling the North Korean regime as an 'enemy' for the first time in 6 years (per Bloomberg/Yonhap reports).
  • The equity lead for the Kospi is less positive, the SOX down 2.48% in Thursday trade, the MSCI IT off 1.64%. To recap, the Kospi rose nearly 2% yesterday, with offshore investors adding +$200.6mn back to local shares. Week to date flows are +$224.3mn.

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