1 Month USD/KRW Capped Near 200 Day MA

1 month USD/KRW highs were recorded late in Asia Pac trade on Wednesday, the pair getting close to 1313. We had drifted a little lower by the NY close, back near 1307, a won loss of 0.33%. Note onshore spot ended yesterday at 1310.55.

• For the 1 month NDF resistance appears evident ahead of the simple 200-day MA, which sits just above 1313. The pair remains sub all key EMAs. Equally, recent dips sub 1300 have seen USD support emerge.
• The local data calendar is empty today, which will leave the won driven by broader risk trends.
• In the equity space, the SOX finished near flat in Wednesday trade, the MSCI IT index gained a further 0.59%, with this index having risen for the past 9 sessions.
• To recap, the Kospi finished down 0.91% yesterday, further unwinding Monday's gains. We are still up ~2.4% since the start of the week. Offshore investors added a modest $16.2mn to local shares yesterday.
• Note that the authorities will let local banks trade NDFs electronically for part of the day in an effort to boost volumes. There was time frame on when this would take place, but note that onshore spot trading hours will be extended from July next year (see this BBG link).