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1 Month USD/KRW Supported Sub 1330, Jan Trade & PMI Prints Out Today

KRW

1 month USD/KRW finished the Wednesday NY session similar to levels from late in Asia Pac trade yesterday. We were in the 1332/33 region, up from late NY session lows near 1326 as Fed Chair Powell pushed back on March rate cut expectations (although US yields still finished down noticeably). Note onshore USD/KRW spot closed at 1334.65 yesterday.

  • These moves leave us comfortably within recent ranges for the 1 month NDF.
  • We have trade data for Jan on tap this morning. The market expects +17.6% y/y for exports, with base effects from last Jan likely helping. The import projection sits at -8.1% y/y, while the trade surplus is projected at $1bn, down from Dec's $4.5bn. The Jan manufacturing PMI also prints.
  • The equity lead for local shares today is a weaker one. In US trade, the SOX fell 1.37%, while the MSCI IT dipped 1.87% amid broad equity market weakness.
  • To recap, the Kospi was closed to unchanged yesterday (although the Kosdaq lost 2.4%). Offshore investor flows were flat.
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