1 Month USD/KRW Looking To Hold Sub 1270, Manufacturing Sentiment Eases

1 month USD/KRW finished the NY session on Wednesday close to 1269.30. We did get near 1266 late in NY trade, as broader USD sentiment softened as Fed Chair Powell spoke, but we climbed higher into the close. This was a won gain of 0.41% in the 1 month NDF space, the third straight session of gains. Note onshore spot finished Wednesday's session at 1274.45.

• On the data front we have already had business sentiment readings print. The manufacturing reading eased back to 69 from 72, which takes us back to April levels. The non-manufacturing reading also moderated to 76 from 78 prior. These moves are in contrast to yesterday's further improvement in consumer sentiment.
• Tomorrow on the data front we get June IP, then next Tuesday July trade figures are due.
• Today is also likely to see some focus local equity trends. The Kosdaq saw a dramatic -4.18% fall yesterday, as investors turned more cautious on valuations, particularly in the EV battery space. The Kospi finished down a more modest 1.67%. Offshore investors sold -$50.8mn of local shares. Note Samsung Electronics Q2 earnings are out today. The SOX and MSCI IT indices were both off by more than 1% in Wednesday US trade.
• Finance Minister Choo and BoK Governor Rhee are also meeting this morning to discuss financial market trends, this is typical post a Fed meeting.