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1 Month USD/KRW Gains Capped Above 1310

KRW

Highs in the 1 month NDF were capped just above the 1310 level through Wednesday trade. This left Tuesday highs near 1312 intact. The 1 month NDF finished at 1307.9, little changed for the session. Note onshore spot ended yesterday at 1305.05.

  • Focus on the pair is likely to be on any further upside tests, with both the 100 and 200-day EMAs in the 1311/12 region. Beyond that the simple 200-day MA is above 1314 and mid Dec highs in the pair rest around 1325.
  • The USD has recovered ground in early parts of 2024 amid some paring in early 2024 rate cut expectations and weaker equity sentiment, particularly in the tech space. The won did modestly outperform through Wednesday's session though.
  • In Wednesday trade the SOX index lost a further 2.03%, the MSCI IT down 1.17%. This follows the Kospi's 2.34% fall yesterday, while offshore investors sold $135.8mn of local shares.
  • Earlier we had FX reserves data for Dec. We rose to $420.15bn, from $417.08bn in Nov. The data calendar is quiet until next week.
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