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1 Month USD/KRW Finds Selling Interest Above 1300, North Korea Rhetoric Steps Up

KRW

Highs in 1 month USD/KRW were around 1303.50 on Wednesday. We finished up the NY session near 1299, a won loss of 0.41%. Note onshore spot ended yesterday at 1300.50.

  • Broader USD sentiment was aided by better data outcomes, which saw US yields firm, although we closed away from session highs for the major benchmarks (US 10yr at 4.40%). This was a factor in dragging USD/JPY higher, which likely weighed on won performance.
  • In the equity space, we saw modest gains for the SOX, +0.33% and MSCI IT index, +0.21%. These moves lagged, at the margin, broader market gains. To recap, the Kospi was close to flat yesterday, while offshore investors added marginally to local equity holdings (+$70.3mn).
  • The local data calendar is quiet now until next week. On the geopolitical front, North Korea stated it vowed to revive all military actions against South Korea and "revoke measures to reduce tensions" (per BBG/KCNA, see this link).
  • Levels wise for the 1 month, the Nov 16 highs rests near 1307.7, while the 20-day EMA is close to 1310.30. Earlier lows this week came in at 1281.7.
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