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1 Month USD/KRW Edges Away From Recent Highs

KRW

1 month USD/KRW ended NY trade on Thursday just above 1316. This was below Thursday's onshore spot close of 1319.15. The won was aided at the margins by a firmer equity tone in US/EU markets, although some tech indices (most notably the SOX) underperformed.

  • South Korea markets are open today, with Feb goods balance and current account figures just printed. Both saw improvement on Jan outcomes (current account to -$518.4mn from a revised -$4212mn). Data for March still showed a trade deficit position though.
  • Also coming up at 8:30am local time (in around 15mins) is Samsung Q1 earnings guidance. We are also expected to hear from LG Electronics on the Q1 earnings outlook.
  • This could help shape local equity sentiment for the session. To recap, the Kospi lost -1.44% yesterday, with offshore investors selling -$530.2mn of local shares yesterday.
  • Note also we are coming into a seasonal period of dividend outflows from South Korean companies. Samsung's is expected next Friday (14th), with the amount expected to be lower than what was paid to foreign investors in 2022 (see this link for more details).
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