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1 Month USD/KRW Breaks Sub 100-day EMA Amid Firm Regional Equity Gains

KRW

Recent dealings have seen the 1 month USD/KRW NDF dip lower. The pair got to a low just under 1319, we sit slightly higher now, back near 1319.3. This is +0.25% firmer for the session and lows in the pair back to the start of Feb. Spot is around 0.7% stronger, last near 1321.5.

  • The latest bout of won strength appears reflective of broader Asia Pac equity gains (MSCI Asia Pac index is up 1% today), while US equity futures have moved away from session lows. The Kospi is higher, but sits away from best levels, last near 2672 (+0.9%).
  • For the 1 month NDF we are sub all key EMAs now (with the 100-day being at 1322), while the 200-day is a little further south at 1318.3.
  • We haven't been sub all key EMAs since the start of the year.
  • Lower US yields, coupled with positive global equity sentiment, led by the tech side this past week, have aided the won rally.
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