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1 Month USD/KRW Wedged Between Key EMAs, Tech Equities Lose Upside Impetus

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1 month USD/KRW tracked modestly lower on Friday post the Asia close, but couldn't get under 1350. We ended at 1351.45, still a won loss of 0.30%. The 1 month remains wedged between 100-day (1345) and the 50-day EMAs (1355.56). The 20-day EMA is around 1360.40. Note onshore spot ended at 1355.15 on Friday.

  • We saw a further pull back in tech equity related sentiment, the SOX down 0.69%, while the MSCI IT lost 0.42% in Friday trade. This likely curbed USD/KRW downside through Friday trade, although we remain very much within recent ranges.
  • To recap, the Kospi lost 1% on Friday, while offshore investors sold -$275.9mn of local equities.
  • The local data calendar is empty today but tomorrow we get consumer confidence and then the first 20-days of May trade data. On Friday the BoK is seen on hold (policy rate currently at 3.50%).
  • Today the BoK will release a note on corporate debt and the current outlook for the market (around 12pm local time per BBG).
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1 month USD/KRW tracked modestly lower on Friday post the Asia close, but couldn't get under 1350. We ended at 1351.45, still a won loss of 0.30%. The 1 month remains wedged between 100-day (1345) and the 50-day EMAs (1355.56). The 20-day EMA is around 1360.40. Note onshore spot ended at 1355.15 on Friday.

  • We saw a further pull back in tech equity related sentiment, the SOX down 0.69%, while the MSCI IT lost 0.42% in Friday trade. This likely curbed USD/KRW downside through Friday trade, although we remain very much within recent ranges.
  • To recap, the Kospi lost 1% on Friday, while offshore investors sold -$275.9mn of local equities.
  • The local data calendar is empty today but tomorrow we get consumer confidence and then the first 20-days of May trade data. On Friday the BoK is seen on hold (policy rate currently at 3.50%).
  • Today the BoK will release a note on corporate debt and the current outlook for the market (around 12pm local time per BBG).