1 Month USD/KRW Pushes Back Above 20-day EMA

1 month USD/KRW remained in an uptrend post the Asia close on Friday, amid generally broad based USD gains. We got to 1288.50 before stabilising somewhat and ended the NY session near 1286.50 (a won loss of 0.78%), the third straight decline. Note onshore spot ended Friday at 1283.40.

• Friday's rebound put the 1 month NDF back above the 20-day EMA, which comes in around 1283.60. The 50-day sits higher near 1294. Recent lows in the pair rest under 1260.
• The local data calendar is quiet until tomorrow, when Q2 GDP prints.
• Yesterday BoK Governor Rhee attended a meeting in Yokohama with central bankers from China and Japan, with views exchanged on economic and financial market developments. This was the first meeting of its kind held in 4 years, with China set to host the next meeting in 2024.
• In the equity space, the US's Nasdaq finished slightly lower on Friday, while the MSCI IT dipped 0.42%. The SOX performed better though, rebounding 0.96% (after Thursday's -3.62% loss).
• To recap, the Kospi finished above 2600 at the end of last week, although offshore investors were net sellers of local equities on Friday, -$263mn.