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1 Month USD/KRW Firms But Remains Sub 1340, BOK Financial Stability Report Out Today

KRW

1 month USD/KRW spent most of the post Asia close on a firmer trend, but the pair didn't breach the 1340 level. Highs were just above 1339, while we finished the NY session around 1337.50, a won loss of 0.29%. Early lows yesterday were sub 1330. Note that onshore spot finished up yesterday at 1336.55.

  • We have already had September consumer sentiment print, which dipped further in terms of the headline measure, while inflation expectations held steady (see this link).
  • Focus for USD/KRW is likely to be on whether we can test above 1340, which has been a firm resistance point over recent months. Headwinds from weaker JPY, CNH levels will be watched today, along with the firmer US yield backdrop.
  • Some offset came from a slightly firmer US equity tone in Monday trade, with tech indices outperforming at the margin. To recap, the Kospi fell 0.49% yesterday (the Kosdaq down 2.12%). Offshore investors sold -$186.7mn of local equities.
  • Note the BoK releases a financial stability report at 11am local time. Finance Minister Choo will also hold a meeting on the housing market at 2pm local time.
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