1 Month USD/KRW Close To Multi Week Highs Amid Equity Losses

1 month USD/KRW finished the US session on Wednesday at 1369.2, a won loss of 0.55%. This was broadly in line with USD index gains (the BBDXY rose nearly 0.50% for the session). Spot USD/KRW ended yesterday at 1364.9.

• The 1 month NDF is back near early May highs (1370/71), a clean break above this level could see May 2 highs close to 1380 targeted. The 20-day EMA is back near 1363.
• Broader USD sentiment was supported by a further rise in US yields (as the curve steepened), with another poor auction result aiding the move. Fed pricing didn't shift much. We also had weakness in terms of both EU and US equities, another USD support point.
• Tech related indices saw a pull back, the SOX down 1.85%, reversing Tuesday's gain, while the MSCI IT fell by 0.46%. This was the index's first loss since May 17.
• To recap, the Kospi fell 1.67% yesterday and is back under the 2700 level. Samsung fell as Samsung Electronic workers planned their first ever strike over failed wage negotiations.
• North Korean reportedly launched a ballistic missile earlier today, while short range ballistic missiles were also reportedly fired towards the country's East sea.
• The local data calendar is empty until tomorrow's April IP and cyclical leading index figures. The BoK is holding a conference today (and tomorrow) on neutral interest rates and its implications for the global economy (per BBG).