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1 Month USD/KRW Wedged In 1330/40 Range On Conflicting Drivers

KRW

1 month USD/KRW sits slightly higher in the first part of Friday trade. The pair was last near 1336, after closing in NY on Thursday at 1334.74, a won loss of around 0.30%. Spot has also firmed in the first part of trade, last close to 1338.

  • 1 month USD/KRW remains within recent ranges, with recent highs near 1350 still firmly intact, while lows this week came in near 1326.5. All key EMAs remain sub current levels (the 20-day, near 1324, the closest).
  • Higher USD index levels have worked against the won, while firmer equity sentiment has been supportive.
  • In early trade today the Kospi is +0.50% higher, despite mixed leads from the tech space in Thursday US trade. Still trends in this sector look to be broadly positive.
  • Offshore investors were modest net sellers of local equities yesterday (-$20.6mn) but inflows remain positive week to date (+$194.8mn).
  • Next week's data focus will largely rest with Jan trade data out on Thursday.
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