1 Month USD/KRW Off Recent Highs As Tech Equities Firm

1 month USD/KRW finished the NY session around the 1315 level. We got close to the 1310 region as part of the broad USD pull back. Better sentiment in the tech equity space also likely helped at the margins. Note onshore spot ended yesterday at 1321.35. For the 1 month NDF the simple 200-day MA comes in around 1322, which may act as a resistance point.

• On the data front, we have bank lending to households for Feb, which is unlikely to be a market mover. Also, at the same time BoK releases its quarterly monetary credit policy report.
• South Korean President Yoon will visit Japan on March 16-17, with reciprocal visits for the leaders of the two countries to resume. This is a further sign of improved relations.
• In the equity space, the SOX rose an impressive 2.67% for Wednesday's session, while the MSCI IT was up a more modest 0.80%. These indices outperformed broader equity indices though and impart a more positive bias for South Korean shares today.
• To recap, the Kospi fell 1.28% yesterday, with offshore investors close to flat from a flow standpoint (+$8.8mn).