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1 Month USD/KRW Firms, BoK Expected To Hold Steady Today

KRW

1 month USD/KRW drifted higher post the Asia close on Wednesday, but didn't get beyond 1292 in NY trade. We ended NY trade near 1289, a won loss of 0.24%. Yesterday's lows were at 1283.30, while onshore spot closed yesterday at 1289.3.

  • USD/KRW's move higher was in line with broader USD stability on Wednesday, while aggregate equity indices were uninspired by the dip in core yields. The real US 10yr yield fell to 2.06%, lows back to late September.
  • In the tech equity space, the SOX rose 0.94%, but this index isn't able to sustain gains beyond the 3800 level. The MSCI IT rose 0.28%.
  • To recap, the Kospi finished down slightly yesterday, while offshore investors added $176.4mn to local stocks.
  • The main local focus today will be the BoK decision. No change is expected, but the tone around the BoK outlook for 2024 will be eyed, given market rate cut expectations for the second half of next year.
  • Before that we get Oct IP figures, along with the cyclical leading index. Tomorrow, full month November trade figures are out.
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