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1 Month USD/KRW Holding Sub 1330, Early Focus Likely On Negative US Tech Lead

KRW

1 month USD/KRW got to lows just under 1325 late in Asia Pac trade on Tuesday, from there we spent the rest of the session in a rough 1326/1330 range. We couldn't breach above 1330 post the better US data. The pair closed near 1327, a won gain of 0.35% for Tuesday's session. Note onshore spot ended yesterday at 1327.

  • The early focus today could be on negative spill over from late equity falls in US trade from tech bellwethers Microsoft and Alphabet, following disappointing earnings updates. This could pressure US equity futures lower in early trade today.
  • In US Tuesday trade, the SOX lost 1.56%, the MSCI IT fell by 0.65%. To recap, the Kospi edged slightly lower yesterday, unable to hold gains above 2500. Offshore investors were still modestly positive at +$16.7mn in terms of net inflows. Samsung Electronics releases Q4 earnings this morning.
  • The BoK minutes released late yesterday suggested board members weren't concerned about a broad credit spill over from recent troubles in the local building sector.
  • Note today we have Dec IP and the cyclical leading index out. IP y/y is expected steady at 5.3%.
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