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​1 Month USD/KRW Closes Below 50-Day MA For The First Time Since June ​

KRW

1 month USD/KRW got close to 1401 late in NY trading on Friday, before closing just under 1404. Onshore spot finished up at 1419.05 on Friday. The early impetus today is likely to be a recovery higher in the 1 month NDF, given broader USD gains against majors and CNH since the open this morning.

  • Weekend news around no imminent shift away from China's Covid zero approach, coupled with negative headlines from Apple around cutting the outlook for Iphone shipments due to lockdowns in China, will be front and centre from a sentiment perspective.
  • Still, the A$ has already recouped half its losses since the open, so the fallout for the won may not be that large. New outlets, including the WSJ, have also reported communications between top US and Russian national security officials have taken place in recent months, aimed at preventing a further escalation in the Ukraine conflict. This has likely to have stemmed risk asset losses to a degree.
  • Note the simple 50-day MA comes in at 1407.08 for the 1 month NDF, we closed below this level on Friday evening. We haven't tested this MA support level since late May/early June of this year.
  • Offshore investor flows were close to flat last Friday, but still were up over $1bn for the week.
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