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1 Month USD/KRW Touches 1320, July Unemployment Data Out Today

KRW

1 month USD/KRW got to 1320 post the Asia close, before selling interest curbed dollar gains in the NY session. We finished Tuesday's session just under 1315, a won loss of 0.68%. Note spot USD/KRW closed slightly higher at 1316.

  • After opening sharply lower, US equity indices tracked higher into the close. These moves likely helped bring USD/KRW 1 month away from highs around 1320. Still, losses for the session were still evident, with the SOX down 1.60%, the MSCI IT off by 0.93%.
  • To recap, the Kospi lost 0.26% yesterday, the Kosdaq 0.65%. Offshore investors sold -$95mn of local shares. Week to date outflows remain a modest -$30.2mn though.
  • On the data front today we have July unemployment figures coming up shortly. The market expects the unemployment rate to tick higher to 2.7%, from 2.6%. Out later is July bank lending to households data, also for July.
  • For USD/KRW, we are above all the major simple MAs and EMAs. The 200-day EMA sits back closer to 1300. Late June highs in the 1-month NDF around 1322 are within sight.
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