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Free Access1 Month USD/KRW Close To Multi-Week Lows, First 10-days October Trade Data On Tap
1 month USD/KRW finished the NY session just under 1341, a won gain of 0.35%. From late Asia Pac highs near 1350, the pair mostly tracked lower through the offshore session. Note spot closed yesterday at 1349.65, so the early impetus in the pair should be to the downside when spot opens.
- The 1340/41 region is right on recent lows, going back to late September. A break lower could see moves sub 1330 targeted, levels last seen on September 25. Note as well the 20-day EMA comes in around 1341.60. The 50-day sits back near 1330.50. On the topside, recent moves above 1350 have been faded.
- The won benefited from stronger US/EU equities. In US trade the SOX index rose 1.29%, while the MSCI IT index posted a more modest 0.42% rise. Tech related equity sentiment should benefit from lower US real yields (the 10yr back to 2.34% Tuesday from recent cyclical highs of 2.47% from the end of last week).
- Still, to recap, the Kospi finished lower yesterday, down 0.26%, with a further -$115.4mn in offshore net equity outflows. Note Samsung Electronics will release Q3 earnings guidance today.
- Today on the data front we have the first 10-days of October trade figures. August goods balance and current account figures are also on tap.
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Why MNI
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