1 Month USD/KRW Holding Above 1330, Despite Strong Equity Inflows Last Week

1 month USD/KRW, spent the post Asia close on Friday above 1330. We spiked above 1335 post the stronger than expected US PPI print, but found selling interest. We closed at 1331 in NY, a won loss of 0.27%, but the pair was little changed for last week. Note onshore spot ended at 1335.55 on Friday.

• The 20-day EMA is nearby, just under 1329. We have had a number of attempts to break sub this support level through Feb, but the dips have ended up buying opportunities in the pair. The 50-day EMA sits near 1323, also a support zone. The 100 and 200-day EMAs sit further south under 1320.
• The equity lead is negative for Korean markets today, with US shares pulling back in Friday trade. We saw declines in both the SOX and MSCI IT indices on Friday.
• To recap, the Kospi surged 1.34% on Friday, while offshore investors added +$256.4mn to local shares, bringing last week's net inflows to $1115.6mn.
• A potential positive for local sentiment today is an expected positive re-opening of China markets post the LNY break, amid positive travel and spending trends over the past week.
• Note the local data calendar swings back into gear tomorrow with Feb consumer confidence on tap.