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1 Month USD/KRW Sticks To Recent Ranges, IP Out Today

KRW

1 month USD/KRW held recent ranges post the Asia close on Wednesday. From highs around 1324, we pulled back towards 1317.50 in the NY session on US data misses. However, we firmed into the close, finishing up at 1321. Note onshore spot ended yesterday's session slightly higher at 1323.50.

  • On the data front today we have July industrial production on tap, as well as the July cyclical leading index. IP is projected at -1.0% m/m, versus -1.0% prior, while the y/y pace is forecast at -6.0%.
  • Note tomorrow we get August trade figures, with the market looking for -11.8% y/y export growth (-16.4% prior) and the trade position to slip back into a modest deficit.
  • For the Kospi, the offshore equity lead remains positive today, with both the MSCI IT and SOX indices posting positive gains in Wednesday trade, albeit lower than Tuesday's session. To recap, the Kospi rose 0.35% yesterday, with offshore investors adding $159.76mn to local shares.
  • North Korea also test fired two ballistic missiles, reportedly in response to on-going US-South Korean military exercises, which have been running over the past week and a half but conclude soon.
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