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1 Month USD/KRW Eyeing Downside Test Amid Supportive Tech Equity Backdrop

KRW

1 month USD/KRW had a volatile post Asia close on Tuesday. From highs around 1327 we pulled back sharply to ~1316.5 in NY trade before ending the session around 1318.50. The won benefited from a broader pull back in USD sentiment, as US yields fell sharply post data misses. Recent lows near 1316 remain intact though. Higher equities also helped. Spot USD/KRW finished yesterday onshore at 1321.80.

  • The local data calendar is empty today, with July IP out tomorrow, followed by August trade figures on Friday.
  • Finance Minister Choo appears before parliament today at 10am local time, which follows the government's budget proposal for 2024 yesterday, which indicated a 2.8% rise in spending next year, the lowest increase in a few decades (see this link).
  • The lead for the Kospi is a positive one today, the SOX rose 2.59%, the MSCI IT +2%, with gains outperforming aggregate US moves. The real US 10yr yield fell back to +183bps, recent highs rest at +200bps, amid weaker jobs and consumer confidence data.
  • To recap, the Kospi rose 0.34% yesterday, while offshore investors sold a modest -$20.1mn of local equities.
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