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1 Month USD/KRW Pulls Back On Tech Equity Strength, Oct CPI Slightly Stronger Than Expected

KRW

1 month USD/KRW pulled back sharply in Wednesday NY trade. From highs of 1357, we got back to 1346/47, which is where we closed. This was a won gain of 0.28%, broadly in line with USD index losses. Note onshore spot ended yesterday at 1357.25, so the early impetus will be the downside when spot opens.

  • Broadly USD/KRW remains comfortably within recent ranges.
  • The won benefited from broad equity gains, with tech related indices outperforming. US yields fell amid data misses (ADP and ISM) and Fed Chair Powell stating they had come a long way in terms of the current tightening cycle.
  • The US real yield fell back to +2.36%. The SOX rose over 2.3%, the MSCI IT index gained ~1.9%.
  • The leaves a positive backdrop for the Kospi today all else equal. To recap, the local index climbed 1.03% yesterday, while offshore investors sold -$69.3mn of local stocks.
  • On the data front, just released CPI figures for Oct show a slightly stronger than expected backdrop. M/M rose 0.3% (0.2% expected, prior 0.6%). Headline was 3.8% y/y (3.6% forecast and 3.7% prior). Core, ex food and energy rose 3.2% (3.1% forecast and 3.3% prior). More details to follow.
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