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1 Month USD/KRW Continues To Slide On Equity Bounce, First 20-days Of Jan Trade Data Out

KRW

1 month USD/KRW traded with a negative bias for most of Friday's session, although the pair couldn't get sub 1330. We finished NY trade on Friday at 1331.74, a won gain of 0.36%. Note that onshore spot finished higher at 1338.90, so the early impetus is likely to be to the downside when onshore spot markets open in a short while.

  • For 1 month USD/KRW we are still some distance from key EMA levels, the 20-day sitting back near 1318 on the downside. Highs from mid last week came in just above 1348.
  • The won benefited from further US tech related gains on Friday. The SOX rallied a further 4.02%, the MSCI IT +2.31% higher. Positive spill over from TSMC's surge in Taiwan on Friday (following optimism around the 2024 chip/AI demand outlook) was a key driver of sentiment in the space.
  • To recap, the Kospi finished 1.34% higher on Friday, while offshore investors added $559.2mn to local shares, curbing last week's outflows to -$430.2mn.
  • On the data front shortly we have Jan first 20-days trade figures. Prior exports were +13%y/y, imports were -9.2%y/y. The first 10-days trade data suggested further positive momentum for export growth.
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