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1 Month USD/KRW Close To 50-Day EMA, First 10-Days Of Feb Trade Data Due

KRW

1 month USD/KRW finished the Friday session in NY around the 1266.60 level, close to recent highs. We are very close to the 50-day EMA at 1267.60, while the 20-day EMA continues to trend higher (around 1248 currently). Note onshore spot ended just under 1265 on Friday.

  • The early focus will be on the first 10days of trade data for February, which is released a little later. The Korean authorities have stated they don't expect a better export picture to emerge until H2. January also saw a record wide trade deficit.
  • On the equity front, the tech lead is negative for the Kospi today, with the SOX down 1.58% on Friday, the MSCI IT down 0.76%, as higher US yields weighed on broader sentiment.
  • To recap, the Kospi lost 0.48% on Friday, while offshore investors sold $42.3mn of local shares.
  • Elsewhere, South Korea resumed short term visas for China travelers on Saturday, although visitors still have to show a negative test result prior to arriving.
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