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1 Month USD/KRW Still Finding Resistance Around the 1300 Level

KRW

1 month USD/KRW was mostly range bound post the Asia close. Positives for the won were evident in terms of the firmer CNH and JPY trends, although further weakness in major global equity indices was an offset the other way. The pair didn't get back below 1295, while resistance remained around the 1300 level. We finished the NY session just under 1298. Note onshore spot ended yesterday at 1299.10.

  • For the 1 month NDF, the 200-day EMA, ~1300, continues to provide some resistance. The 100-day EMA is also close by at ~1297, the 20-day sits further south, close to 1285.
  • To recap, the Kospi fell 0.42% yesterday, while the volatile Kosdaq rose 1.16%. Offshore investors were still net sellers of local equities, -$164.8mn, bring week to date outflows to -$760.3mn.
  • Tech related equities were down in terms of the SOX (-0.09%) and MSCI IT (-0.46%) in Thursday trade, although losses weren't as large as Wednesday's session.
  • The local data calendar is empty until next Tuesday when June BoP/current account figures are due.
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