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1 Month USD/KRW Down From 1390 Level, As Softer USD Offsets Weaker Tech Equities

KRW

1 month USD/KRW mostly tracked lower post the Asia close on Monday. We finished the NY session near 1384.5, a modest won gain of 0.15%. Note onshore spot closed Monday's session at 1389.10.

  • Some paring in the 1 month USD/KRW NDF was consistent with generally softer USD trends elsewhere. Still, the 1 month remains comfortably above the 20-day EMA (near 1376), while the 50-day is further south (close to 1368.44).
  • Recent highs remain intact above 1391, with official rhetoric around FX weakness likely to be in play as we get closer to earlier 2024 highs.
  • The equity lead for local markets today is a weak one, with tech trends underperforming in Monday US trade. The SOX fell just over 3% (the third straight decline), the MSCI IT down 1.88%, as both indices correct from recent strong moves higher.
  • To recap, the Kospi fell 0.70% yesterday and offshore investors sold $377.3mn of local shares.
  • We have already had consumer sentiment data print for June, which showed a firmer headline read, along with lower inflation expectations. Later on, May retail sales figures print.
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