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Equity Headwinds Keep 1 Month USD/KRW Elevated

KRW

USD/KRW 1 month held close to session highs post the Asia close yesterday. Resistance was seen around 1322, but we couldn't get sub 1317. The pair ended NY at 1319.70, which is very close to the 200-day EMA (1318.46), although the pair is already back above the simple 200-day MA (1312.38). Note onshore spot finished yesterday's session at 1319.15.

  • The domestic data calendar remains quiet today. Finance Minister Choo will meet with economists at 2pm local time to discuss the policy outlook.
  • The equity lead for the Kospi is a negative one. The SOX fell by 1.90% overnight, the MSCI IT, down by 1.60%. This comes after yesterday's 1.08% pull back in the Kospi, while offshore investors sold -$122.7mn of local shares.
  • Further equity weakness may weigh on the won backdrop further. Note late November highs sit at the 1330 level, then higher again around 1340.
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