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1 Month USD/KRW Can't Sustain Sub 1330 Levels

KRW

The early tone in 1 month USD/KRW is biased higher. The pair was last in the 1332/33 range, around 0.15% weaker in won terms versus end Wednesday levels in NY. Earlier highs in the pair came close to 1335. Spot is 1335/36, little changed for the session so far.

  • Modest won weakness is in line with a slightly firmer tone for the USD against the majors. US yields are higher in the earlier put of Thursday trade (benchmarks near +1bps for UST yields). This extends gains seen in US trade post PMI data beats.
  • The 1 month NDF got to lows in US trade close to 1326.50 before recovering ground.
  • The early tone for the Kospi is slightly to the downside, off around 0.25% at this stage. This comes despite a 1.5% gain for the SOX in US trade on Wednesday and a near +1% rise in the MSCI IT index. Local tech bellwether, SK Hynix, also produced a surprised profit and is looking for a further chip demand recovery due to AI.
  • Earlier data showed Q4 GDP close to expectations, with manufacturing activity outperforming due to better exports/Capex. Domestically related sectors like construction and private consumption were softer.
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