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1 Month USD/KRW Eyeing Test Back Sub 1300

KRW

1 month USD/KRW got near 1301 late in NY trade post the US CPI miss. Early Tuesday highs were just above 1328. We ended the NY session at 1303.3, a won gain of nearly 1.2%. Note onshore spot ended yesterday's session near 1329, so the early impetus will be to the downside in the pair today.

  • Tuesday's sharp pull back puts USD/KRW 1 month back below all key EMAs (200-day is nearest at 1317.30). Earlier Nov lows near 1290 could be targeted if we can break sub the 1300 level, with dollar support emerging on moves sub this level earlier in the month.
  • Focus will be on local equities today, following tech outperformance in Tuesday trade, as US real yields (10yr) fell back to 2.16%, -16bps post the US CPI miss. The SOX rose +3.62%, the MSCI IT gained just over 2%.
  • Offshore investors added $143.6mn to local equities yesterday, as the Kospi and Kosdaq posted solid gains.
  • On the data front, we have the Oct unemployment rate. It is expected at 2.7% (prior 2.6%).
  • Headlines also crossed earlier that North Korea had tested new intermediate ballistic missile engines (BBG).
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