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1 Month USD/KRW Dips With Global Equity Gains, But Runs Into 50-day EMA Support

KRW

1 month USD/KRW got to lows just under 1362, post the US CPI print. Won gains were pared post the cautious FOMC, we ended the NY session near 1369, still a gain of 0.56% in won terms, which was broadly in line with higher beta FX gains in the G10 FX space. Note onshore spot finished yesterday at 1376.10.

  • Post US CPI lows in the 1 month NDF came just under the 50-day EMA (near 1362.5), while closing levels were very close to the 20-day EMA (1368.6). Recent highs rest close to 1380.
  • The positive global equity backdrop, aided by the US CPI print, should aid KRW sentiment at the margins, all else equal. In the tech space, the SOX rose 2.9%, while the MSCI IT gained 2.42% for Wednesday's session.
  • To recap, the Kospi rose 0.84% yesterday, while offshore investors added $196mn to local shares.
  • The local data calendar is empty until tomorrow's May trade price figures. We do have a meeting between the BoK and FinMin, which is as per usual post an FOMC outcome.
  • Refining the stock short selling system could also be a local focus point today.
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