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1 Month USD/KRW Eyeing Downside 50-day MA Test, First 10-days Of May Trade Data Due

KRW

1 month USD/KRW slumped sub 1315 post the US CPI print, from ~1323 prior. We stabilized in a 1315/1319 range post the data, before finishing the NY session just above 1316.

  • Early focus today could be on whether we can break the simple 50-day MA on the downside, which comes in at 1313.70. Note onshore spot was 1324.90 at yesterday's close, so the early impetus is likely to be to the downside in the pair once onshore markets open.
  • Outside of broader USD softness/US yield pullback, the won benefited from better tech equity sentiment. The SOX and MSCI IT both rose by 1.00%, outperforming broader equity trends. To recap, the Kospi fell 0.54% yesterday, but offshore investors still added $82.2mn to local equities.
  • On the data front today, the first 10-days of trade data for May are due. Export growth was still running negative at a double digit pace in April. Also, due later on is bank household lending for Apr.
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