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1 Month USD/KRW Rebounds, Unemployment Rate Ticks Higher, But Jobs Up

KRW

1 month USD/KRW rebounded post the Asia close on Thursday. From near the 1334 level, we surged back towards 1350 post the US CPI outcome. We closed in NY at 1347.45, a won loss of 0.73%. Note onshore spot ended yesterday at 1338.50.

  • On the data front we have already had the September unemployment figures print. The rate rose to 2.6% from 2.4% in August, the move higher was in line with expectations. Jobs growth did pick up though, with a +300k rise in y/y terms. This is the first pick up in 3 months for this metric.
  • Broader US equity sentiment faltered on Thursday amid the sharp rise in US yields post the CPI print. Still, tech related indices outperformed modestly. The MSCI IT rose 0.16%, the SOX up 0.31%. US real yields rose back to 2.36% for the 10yr.
  • To recap, the Kospi rallied 1.21% yesterday, but offshore investors remained net sellers of local equities (-$112.5mn).
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