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1 month USD/KRW Close To 1380, Tech Equities Resilient Despite US Yield Spike

KRW

1 month USD/KRW end Friday NY trade just shy of 1378, a won loss of just over 1% for the session. This puts the pair back within striking distance of a move above the 1380 level. Note end May highs were close to 1385. Onshore spot finished up on Friday at 1365.5, so the early impetus in the pair will be to the upside.

  • Won weakness was slightly largely than USD index gains (BBDXY +0.80%) but in line with higher beta FX losses (AUD off 1.26% etc.). For the 1 month NDF, we are back above all key EMAs, the 20-day is the closest on the downside around 1367.2.
  • Equity sentiment is negative for local markets today, although US/EU losses were fairly modest for Friday's session. The SOX fell modestly as well, the MSCI IT rose a touch, despite a +13bps rise in US real 10yr yields.
  • To recap, the Kospi rose 1.235 on Friday (closing back above the 2700 level). Offshore investors added near +$445mn to local shares.
  • The local data calendar is quiet until tomorrow's April current account/goods balance data.
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