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1 Month USD/KRW Can't Break Sub 1325, Tech Equity Weakness A Headwind

KRW

1 month USD/KRW couldn't sustain a break sub 1325 in Tuesday trade. We ended the NY session at 1325.35, a won gain of 0.49%, although much of this was seen in the Asia Pac session. Note onshore spot closed yesterday at 1327.55.

  • Broader ranges for 1 month USD/KRW remain intact. Recent lows rest at 1318.7 (pre US NFP from last week). The 20-day EMA is close by to current levels, near 1327. Firmer resistance is likely on a move back towards 1340.
  • The wedge between broader USD indices and the 1 month NDF has closed somewhat, but that's largely due to weaker USD levels.
  • On the data front today we have Dec goods balance and current account figures.
  • In the equity space, in Tuesday trade we had the SOX slip 1.14%, while the MSCI IT eased by 0.29%. These moves underperformed broader market trends. This may also help explain the inability for the 1 month NDF to break sub 1325 in US trade.
  • To recap, the Kospi fell by 0.58% yesterday, but offshore investors added $229.5mn to local stocks.
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