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1 Month USD/KRW Moves Above 1350 Faded, Onshore Markets Return Today

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Moves above 1350 in the 1 month USD/KRW were faded on Monday. By late NY trade the pair was back closer to 1345, amid broader USD weakness. Higher US TSY futures helped won sentiment, along with a positive equity close for the major US indices.

  • Note onshore markets return today from yesterday's holiday. Friday's onshore spot close for USD/KRW was 1350. Onshore equities closed Friday near 2400, close to multi month lows back to March of this year.
  • In Monday US trade, tech related equity indices were mixed. The SOX fell -0.23%, while the MSCI IT index rose 0.39% though.
  • Recent Kospi weakness has diverged from the MSCI IT equity index, see the chart below. Offshore investors have also been net sellers of local equities in October to date (-$750.9mn).
  • On the data front, prints resume tomorrow, with August goods balance and current account data, which are not typically market/sentiment movers.

Fig 1: Kospi Lagging MSCI IT Improved Trend

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Moves above 1350 in the 1 month USD/KRW were faded on Monday. By late NY trade the pair was back closer to 1345, amid broader USD weakness. Higher US TSY futures helped won sentiment, along with a positive equity close for the major US indices.

  • Note onshore markets return today from yesterday's holiday. Friday's onshore spot close for USD/KRW was 1350. Onshore equities closed Friday near 2400, close to multi month lows back to March of this year.
  • In Monday US trade, tech related equity indices were mixed. The SOX fell -0.23%, while the MSCI IT index rose 0.39% though.
  • Recent Kospi weakness has diverged from the MSCI IT equity index, see the chart below. Offshore investors have also been net sellers of local equities in October to date (-$750.9mn).
  • On the data front, prints resume tomorrow, with August goods balance and current account data, which are not typically market/sentiment movers.

Fig 1: Kospi Lagging MSCI IT Improved Trend

Keep reading...Show less