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1 Month USD/KRW Finds Selling Interest Above 1350

KRW

The up move in 1 month USD/KRW ran out of steam above 1350 in NY trading. The pair finished close to 1342.50. The pair has now rebounded nearly 3% from lows earlier in the week (sub 1310). On the topside sits the 100-day EMA at 1362.22, while the 200-day EMA is at 1317.55. Onshore spot ended yesterday at 1338.90.

  • The overnight equity lead was softer, but tech areas outperformed, most notably the SOX. To recap, the Kospi shed 1.39% yesterday, with offshore investors selling -$355.1mn of local shares. This brings week to date flows back to negative territory.
  • The Kospi is still +14% above end September lows, but has run out of momentum this week (index last at 2442.90, while the simple 200-day MA is at 2512.02).
  • KRW continues to track local equity trends fairly closely. Sentiment in this space, coupled with broader USD moves, are likely to dictate trends in the FX for the near term.
  • The local data calendar remains empty until next Monday when the first 20-days trade data for November prints.
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