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1 Month USD/KRW Within Sight Of 50-Day EMA As Equity Headwinds Persist

KRW

1 month USD/KRW finished the NY session around 1260, close to session highs. This brings won losses close to 3% over the past 2 sessions (in the NDF space). Note spot ended yesterday's session just above 1253. For the 1 month NDF we are within sight of the 50-day EMA, which comes in at 1268.7.

  • The local data calendar remains empty today, which will leave won sentiment at the whim of broader risk appetite flows.
  • For Monday's session the SOX (-1.70%) fell, with tech underperforming broader equity market moves. To recap, the Kospi lost 1.7% yesterday. The simple 200-day MA is not too far away at 2423 (closing levels yesterday were 2438.19). Offshore investors sold $261.6mn of local shares.
  • North Korean headlines also crossed earlier around Kim Jong Un presiding over military drills, as part of a strengthened war readiness posture according to South Korea media reports.
  • Also note South Korean Vice Finance Minister, Choi Sang-dae will meet with FTSE Russell officials on Wednesday in the UK to present the country's case for inclusion in the WGBI.
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