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1 Month USD/KRW Hits Fresh Lows Before Rebounding

KRW

1 month USD/KRW got sub 1225 in NY trade, which is fresh lows back to April last year, but we rebounded late in the session as broader USD sentiment stabilized. The pair finished back close to 1236, not too far from yesterday's onshore spot close at 1237.55. Post BoJ highs yesterday came in just above 1245.

  • The equity lead is negative for the Kospi today. The SOX fell for the first time in 8 sessions down 0.64%, while the MSCI IT couldn't hold above the 200-day MA, slipping 0.94%. Sentiment was weighed by weaker US data.
  • To recap, the Kospi fell -0.47% yesterday, while offshore investors added +$67.2mn to local shares.
  • The data calendar remains quiet, with December PPI due out early tomorrow.
  • BoK Governor Rhee stated yesterday this year's monetary policy focus may broaden beyond inflation, with growth and financial stability also coming into focus. Such comments are likely to reinforce the markets view a pause in the BoK tightening cycle is not too far away.
  • South Korean President Yoon is also scheduled to make a speech at Davos.
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