April 29, 2024 22:51 GMT
1 Month USD/KRW Can't Get Sub 1370, Global Equity Gains Slow
KRW
1 month USD/KRW couldn't get back sub 1370 in US trade on Monday, leaving the pair within recent ranges. We finished up the NY session at 1373.35, a modest won gain versus end Friday levels. Note onshore spot closed yesterday at 1377.25.
- Broader 1 month USD/KRW ranges remain intact. The 20-day EMA continues to track higher, albeit at a reduced pace, last near 1367.7. Moves above 1380 have drawn selling interest in recent weeks.
- In the cross asset space, global equity sentiment was more mixed on Monday, with some EU markets down, while US markets posted modest gains. In the tech space, the SOX rose for the 6th straight session (up 0.64%), the MSCI IT index firmed a further 0.30%.
- To recap, the Kospi rose 1.17% in Monday trade, while offshore investors added $350.7mn to local stocks. Note today we have Samsung Electronics Q1 earnings on tap.
- On the data front, we have March industrial production figures out shortly. The market expects a 0.5%m/m rise (prior 3.1%). The cyclical leading index is also out. Later on, the BoK minutes are out.
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