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1 Month USD/KRW Gets Above 1333, Before Retracing Modestly, Won Loses 1%

KRW

1 month USD/KRW tracked higher post the Asia close, until finding selling interest above the 1333 level. The pair finished up the NY session on Tuesday close to 1330, a won loss of 1%. Note onshore spot closed yesterday at 1330.65.

  • The won suffered from broad based USD gains, with the BBDXY up ~0.70% amid a further rise in US yields. Equity sentiment was weaker in US/EU markets through Tuesday, although there was modest outperformance from tech related indices, with the SOX (0.03%) and MSCI IT (0.27%) indices posting small gains.
  • To recap, the Kospi edged down slightly in Tuesday trade, while offshore investors added $173.7mn to local equities.
  • The local data calendar is quiet until Friday, when the goods balance and current account for July print.
  • For 1 month USD/KRW yesterday's rebound has halted recent downside momentum. The pair is back above all key EMAs, with the nearest being the 20-day (1321). August highs above 1340 aren't too far away, but moves above this level saw an increase in FX verbal jaw boning.
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