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1 Month USD/KRW Rebounds, As Spot Can't Sustain 1270 Downside Break

KRW

1 month USD/KRW sits back above 1270, around +0.40% above NY closing levels from Tuesday (~1265). Spot USD/KRW gapped below 1270 at the open, but now sits back close to 1273. Onshore equities are down slightly, despite the positive offshore lead, which is likely weighing at the margins for the won.

  • 1 month USD/KRW downside accelerated yesterday on the break of 1280, so this level may offer upside resistance if we see further USD gains.
  • On the data front, the May unemployment rate dipped to 2.5%, versus 2.7% forecast and 2.6% prior. This is a record low in seasonally adjusted terms, with job gains in the services sector outweighing losses in manufacturing and construction.
  • At the margins this is likely to feed into a still hawkish BoK backdrop (i.e. leaving the door ajar for a further rate hike).
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