1 Month USD/KRW Eyeing 1320 Test, Dec Unemployment Rate Spikes

1 month USD/KRW finished the NY session at 1318.35, close to recent highs in the pair. This was a won loss of 0.64%, against the BBDXY gain of 0.33%. Note onshore spot finished yesterday at 1315.80.

• Tuesday gains in the 1 month NDF puts above all key EMAs, the 200-day is back near 1312. The pair spent little time above 1320 from early November so this could act as a resistance point. Note the Dec 7 was 1325.
• We have already Dec unemployment figures, which ticked higher to 3.3% versus 2.9% forecast and 2.8% prior. The unemployment rate is bouncing off cyclical lows around 2.5%, but will be a watch point for the BoK in terms of health of the domestic economy. The number of employed people were still up 285k y/y in Dec, versus 277k in Nov.
• In the equity space, tech indices marginally outperformed broader weakness in US and EU bourses, with both the SOX and MSCI IT indices nudging higher for Tuesday's session.
• To recap, the Kospi lost 0.26% yesterday, while offshore investors added $158.9mn to local stocks.