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1 Month USD/KRW Downside Limited By Softer Equity Tone

KRW

1 month USD/KRW finished up just above 1338 for the Monday session. This was a won gain of 0.33% for the session. We saw selling interest emerge on moves above 1340, but equally downside shifts in the pair were fairly limited. Early lows yesterday in the pair came in just under 1333. Friday highs from last week around the 1345 level remain intact. Note that onshore spot closed yesterday at 1342.25.

  • We have already had Mar consumer confidence print. It fell for the first time in 4 months, but remains above the 100 level. Importantly, for the BoK outlook, inflation expectations ticked higher, which is likely to be a watch point for the central bank as it considers rate cuts as we progress through 2024.
  • The offshore equity lead was a modestly negative one in terms of the major US and EU indices in Monday trade. In the tech space we also had modest falls for the SOX and MSCI IT indices.
  • To recap, the Kospi fell 0.40% yesterday, while offshore investors added $114mn to local shares.
  • The data calendar is largely empty for the rest of today, kicking back into gear tomorrow with April BoK business sentiment readings.
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