1 Month USD/KRW Holds Below Recent Highs

1 month USD/KRW was mostly range bound post the Asia close, in a 1333/1338 range. We finished the NY session around 1336. Onshore spot closed yesterday at 1336.45, so quite close by. Recent highs in both pairs remains above 1340, while on the downside, the 200-day MA around 1325 may act as a support point.

• On the data front we have already had manufacturing and non-manufacturing sentiment readings, which improved further for May. Manufacturing to 72 from 69 and non-manufacturing to 76 from 75. Both series are coming off recent lows but trending in the right direction like yesterday's consumer sentiment result.
• The data calendar is quiet until tomorrow's IP print and cyclical leading index.
• We do get further earning results today, headlined by Samsung electronics. The BoK will also hold a non-monetary policy meeting at 10am local time.
• The tech equity lead is better for South Korean shares today, with the SOX and MSCI IT posting gains for Wednesday. US tech futures are also higher post Meta earnings guidance.
• Later President Yoon will address a joint session of Congress Thursday in the US. North Korea's reaction to the extended deterrence around nuclear conflict from the US-SK leaders summit will also be eyed.