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1 Month USD/KRW Testing Back Sub 1290 On Broader USD Weakness/Equity Gains

KRW

1 month USD/KRW has tracked lower in the first part of Tuesday trade. We were last near 1291, (+0.40% higher in won terms), with earlier lows at 1288.25. Won bulls will target a test of Nov 21 lows just under 1282.

  • Positive spillover has been evident from a firmer yen backdrop, while broader USD index losses also continue (BBDXY down a further 0.12%).
  • The firmer local equity backdrop has also helped, the Kospi rising 0.70% and putting the index back above 2500. We haven't been above to sustain gains above this level in recent weeks, so that will be a watch point. Institutional investor buying has offset further foreign net selling so far today.
  • Earlier data showed retail sales up 6.4% y/y, but department store and discount store sales were negative in y/y terms. This followed an earlier dip in consumer sentiment.
  • Tomorrow, we have the Dec business sentiment readings, followed by the BoK on Thursday (no change is expected).
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