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1 Month USD/KRW To Fresh Multi Month Highs

KRW

Spot USD/KRW has gaped higher since the open, the pair last near 1340, which is fresh highs back to early Nov last year. The 1 month NDF was last near 1338, close to NY closing levels from Tuesday's session. Broad USD gains, as yields rose amid less dovish Fed rhetoric, weighed on won sentiment. The 1 month NDF lost 1.4% for Tuesday's session, underperforming broader USD gains.

  • The 1 month NDF is above all key simple and EMAs. Oct/early Nov 2023 highs rested close to the 1360 level for the pair, which is the next potential upside target. Note all the key EMAs are clustered between 1310/1313. The Dec 7 high from last year was near 1325 as well.
  • The local data calendar just has Nov money supply figures on tap today, which shouldn't be a market mover. Next Monday delivers the first 20-days of Jan trade data, which is the next major data release point.
  • The Kospi has opened weaker, down 1%, and is back to mid Nov levels. This comes despite some outperformance from tech indices in US trade on Tuesday. Offshore investors have sold local shares to start this week (-$166.8mn).
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