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1 Month USD/KRW Holding Above 1370, Q1 GDP Revisions Out Soon

KRW

1 month USD/KRW got to highs near 1376.5 post the Asia close on Tuesday. We ended the NY session just under 1372, a won loss of nearly 0.20%. We haven't been able to test the 20-day EMA on the downside near 1366.3 yet. Earlier June highs were close to 1381. Note onshore spot ended at 1376.05 yesterday.

  • Won was weighed by EU equity losses late on Tuesday, as safe haven currencies outperformed. Sentiment stabilized through US trade, as yields fell post softer JOLTS job opening data.
  • US equity markets finished a touch higher. In the tech space, trends were mixed. The SOX fell 0.70%, but the MSCI IT rose 0.38% for Tuesday's session.
  • To recap, the Kospi fell 0.76% yesterday, while offshore investors sold a modest $-73.1mn of local shares. The local authorities defended the value up program designed to improve local stock market performance (see this BBG link).
  • We have already had May FX reserves released, which fell modestly to $412.83bn (from $413.26bn).
  • In a short while we get Q1 GDP revisions. The market expects an unchanged 1.3% q/q outcome.
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