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1 Month USD/KRW Pulls Back From Near 1380 Level, IP Figures Print Soon

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1 month USD/KRW finished up Thursday's NY session just above 1374. This was away from earlier highs above 1379, but still a won loss of 0.36%. Note onshore spot finished up yesterday at 1379.45.

  • A softer backdrop for both USD/JPY and USD/CNH through Thursday trade helped curb recent USD/KRW gains. Still the won underperformed the softer USD backdrop more broadly, given the BBDXY index fell for Thursday's session.
  • Ongoing equity weakness in the tech space didn't help. The SOX fell 0.88% in Thursday trade, while the MSCI IT index lost 2.34%. To recap, onshore equities fell 1.56% yesterday, with offshore investors selling -$537.1mn of local shares.
  • For the 1 month NDF, earlier May highs close to 1380 remain intact on the topside. The 20-day EMA sits back near 1364.6.
  • The local data calendar has April IP and the cyclical leading index on tap. IP is expected to print at 4% y/y (prior 0.7%). There may also be some focus on a National Pension Service fund management committee meeting today.
  • Note tomorrow we get full month May trade figures.
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1 month USD/KRW finished up Thursday's NY session just above 1374. This was away from earlier highs above 1379, but still a won loss of 0.36%. Note onshore spot finished up yesterday at 1379.45.

  • A softer backdrop for both USD/JPY and USD/CNH through Thursday trade helped curb recent USD/KRW gains. Still the won underperformed the softer USD backdrop more broadly, given the BBDXY index fell for Thursday's session.
  • Ongoing equity weakness in the tech space didn't help. The SOX fell 0.88% in Thursday trade, while the MSCI IT index lost 2.34%. To recap, onshore equities fell 1.56% yesterday, with offshore investors selling -$537.1mn of local shares.
  • For the 1 month NDF, earlier May highs close to 1380 remain intact on the topside. The 20-day EMA sits back near 1364.6.
  • The local data calendar has April IP and the cyclical leading index on tap. IP is expected to print at 4% y/y (prior 0.7%). There may also be some focus on a National Pension Service fund management committee meeting today.
  • Note tomorrow we get full month May trade figures.