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1 Month USD/KRW Can't Sustain 20-Day EMA Downside Break
After getting to fresh lows at ~1316 late in Asia Pac trade on Thursday, the 1 month NDF mostly ticked higher for the rest of the session. We got back to 1326 by the NY close, leaving the pair unchanged versus end Wednesday levels. This left the 1 month NDF unable to sustain yesterday's break of the 20-day EMA, which comes in around 1320. Note onshore spot finished up at 1322.35 yesterday.
- Weaker won sentiment reflected a turn lower in equity sentiment. For Thursday trade, the SOX fell 3.35%, while the MSCI IT lost -2.11%. Both indices more than unwinding gains from Wednesday's session. To recap, the Kospi rose ~1.30% in Thursday trade, with offshore investors adding +$331.8mn to local shares.
- The other USD support came from a yield rebound, which aided higher USD/JPY levels, another won headwind through post Asia-pac trade on Thursday.
- The data calendar is light today, with the BOK set to report monthly data on residents FX deposits.
- Hyundai Motor workers are also expected to vote on potential strike action after unions and management failed to reach an agreement on 2023 wage and retirement age extensions.
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Why MNI
MNI is the leading provider
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