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1 Month USD/KRW Holds Close To 1320, First 10-days Nov Data Shows Export Growth Stayed Positive

KRW

After getting close to 1320 in Friday trade, we finished slightly lower near 1316, unchanged from closing levels on Thursday. Spot ended onshore at 1316.90 on Friday. Early trends today are slightly firmer from a USD standpoint, spot last near 1319.00, the 1 month NDF above 1317.

  • A short while ago, the first 10-days of trade data for November printed. Exports were +3.2% y/y, printing the same in daily average terms. Imports were +1.2%, leaving the trade deficit at -$1.74bn.
  • Local equities have opened up strongly, the Kospi last +0.40%, although this is down from opening highs of around +1%.
  • This follows positive leads from tech related equities in Friday US trade, the SOX rose 4%, the MSCI IT gained 2.31%.
  • These moves helped drag 1 USD/KRW away from recent highs on Friday, btu there hasn't been much follow through in early Monday dealing.
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