1 Month USD/KRW Off Highs, But Remains Above 1300

1 month USD/KRW finished the NY session near 1301, with won sentiment aided by broad based equity market gains during EU/US trade. Note onshore spot ended Tuesday's session at 1311.15, so the early impetus is likely to be to downside when onshore markets open today. For the 1 month NDF the 20-day EMA sits nearby (1301.50), while the rest sit sub-1300, with the 50-day coming in around 1292.

• The local data calendar remains quiet, with broader risk drivers likely to dictate won sentiment.
• The focus again wasn't on the tech space in equities, as banking sector news continues to dominate the EU/US equity space. The SOX managed only a modest rise, with the rebound in core yields likely driving some relative underperformance for Tuesday's session. The MSCI IT index fared better though, up close to 1%.
• To recap, the Kospi rose 0.38% for Tuesday's session, although offshore investors were still net sellers to the tune of -$169.1mn. The Biden administration's expected restrictions on tech investment in China (for those firms that receive US funds to build in the US), may be a focus point for tech/chip related plays today.
• Finally, note Finance Minister Choo will hold a housing market meeting at 2pm (local time) today.