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1 Month USD/KRW Remains Within Recent Ranges On Mixed Drivers

KRW

1 month USD/KRW dipped below 1330 late in Asia Pac trade yesterday, in line with the Ueda induced pull back in USD/JPY. From there though we mostly tracked higher, getting back to 1340 by the NY session. We finished up near 1337, virtually unchanged from end Monday levels in NY. Note onshore spot ended yesterday at 1333.25.

  • The 1 month NDF remains within broad ranges. Broader USD sentiment was supported through Tuesday trade, as the US TSY curve bear steepened. At the same time though US equity sentiment was positive, albeit with fairly modest gains.
  • In the tech space the SOX rose a further 0.65%, while the MSCI IT gained 0.35%. To recap, the Kospi rose 0.58% yesterday, with some positive spill over from HK gains post headlines of a potential China stock market rescue.
  • On the data front, we had Jan consumer confidence, which rose to 101.6 from 99.7 in Dec. Expected inflation eased down to 3.0% from 3.2% prior.
  • The data calendar is empty for the rest of today's session.
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