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1 Month USD/KRW To Fresh Multi Week Highs, Nov CPI/Q3 GDP Revisions Due

KRW

1 month USD/KRW rose 1.2% for Monday's session, closing just above 1308. NY session highs were at 1310, which was highs back to mid-November. The 1 month NDF is now back above its 20-day EMA (near 1304). Note the 200-day sits further north near 1314.50. Spot USD/KRW finished yesterday near 1304.

  • The won was weighed by the broader USD rebound, as US yields firmed from recent lows. The spill over was evident in terms of tech equity underperformance. The SOX fell 1.20%, the MSCI IT down the same amount for Monday's session.
  • To recap, the Kospi rose 0.4% yesterday, while offshore investors added $181.2mn to local shares.
  • Coming up shortly on the data front, is Q3 GDP revisions. No change is expected on the initial read (0.6% q/q, 1.4% y/y). CPI for Nov also prints, 3.5%y/y is projected for headline (prior was 3.8%). Earlier Nov FX reserves rose to $417.08bn ($412.87bn was the Oct outcome).
  • Late yesterday President Yoon reshuffled his cabinet, including a new finance minister (see this link for more details).
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