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1 Month USD/KRW Continues To Track Lower

KRW

1 month USD/KRW has continued to track lower, down a further 0.40% on NY closing levels, last near 1345. Onshore spot is up 1.20% at this stage. Broader USD losses amid a further yield pull back (10yr to 4.71%, -2bps) is aiding sentiment. Most regional equity markets are higher as well (the Kospi +0.70%, although offshore investors are still net sellers, -$102mn).

  • The 20-day EMA for the 1 month isn't too far away at 1341.3, below that is late September lows around 1340.
  • Outside of broader macro drivers, verbal rhetoric from the South Korean FinMin earlier around taking action in FX markets may also be aiding downside momentum in the pair.
  • Tomorrow's data calendar just has September FX reserves.
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