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1 Month USD/KRW Holding Above Thursday Lows

KRW

1 month USD/KRW is relatively steady in the first part of Friday trade. The pair got to lows around 1343.50 but has found some modest support around these levels. This coincides with lows from Thursday's session. We last tracked closer to 1345, slightly above NY closing levels. Spot is near 1347, around 0.25% firmer in won terms.

  • The USD is slightly firmer against the majors, as US yields are a touch higher in early trade, which has likely supported the early USD/KRW dip.
  • The 20-day EMA sits near 1341.50 for the 1 month USD/KRW NDF, while late September lows come in close to 1340.
  • Onshore equities are tracking higher, the Kospi up 0.40% (albeit down from session highs). This comes despite an indifferent offshore equity lead from Thursday. We did see the MSCI IT index finished a touch higher though.
  • Note offshore investors sold -$144.5mn in local shares yesterday.
  • On the data front, we have already had September FX reserves print. We fell to $414.12bn from $418.30bn in August. This is line with likely valuation impacts in the month and potential FX intervention by the authorities.
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