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1 Month USD/KRW Wedged Between 100 & 200 Day MAs

KRW

1 month USD/KRW found selling interest around the 1315 region post the Asia close. We ended the NY session close to 1310.00. The pair remains above all key EMAs, but the simple 200-day (1320.40) is nearby, along with the 100-day (1307.7) MA. Note onshore spot finished yesterday's session at 1315.35.

  • The local data calendar is quiet until next Monday when Feb CPI prints, along with FX reserves.
  • This will leave the won driven by broader risk appetite flows. In the equity space we saw a positive lead from tech indices for the Kospi today. The SOX and MSCI IT both up around 1% through Thursday trade.
  • To recap, the Kospi rose 0.62% yesterday, while offshore investors added $357.9mn to local shares.
  • Some caution may come for chip related stocks today after Micron's CFO make cautious comments around pricing and margins (see this link for more details).
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