1 Month USD/KRW Holding Above 1340

1 month USD/KRW was mostly range bound post the Asia close on Tuesday. We did get back to ~1345 in NY trade as the dollar rallied amid PMI data beats (and EUR weakness). However, we closed back near 1342. Note onshore spot ended yesterday's session at 1343.10.

• We have already had October consumer sentiment print, with the headline dipping further, albeit remaining comfortably above 2022 lows. On the inflation side, expectations firmed a touch, the first rise since mid-year (see this link).
• Tomorrow, we get November manufacturing and non-manufacturing business sentiment readings. Q3 GDP is also out (consensus is +0.5% q/q, prior 0.6%).
• On the equity side, the lead is positive from US/EU markets in Tuesday trade. In the tech space, the SOX rose 1.38%, the MSCI IT gained 0.73%. Nasdaq futures are weaker in the first part of trade today, down 0.20%, following mixed late earnings results in the US (Microsoft firmer, Alphabet weaker).
• To recap, the Kospi rose 1.12% yesterday, but offshore investors sold -$49.3mn of local shares.
• For 1 month USD/KRW we are sub the 20-day EMA (1345). Earlier October lows rest near 1333.40.