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Eyeing Break Sub 1295

KRW

1 month USD/KRW ended the NY session just under 1298. The pair rallied as high as 1309 post the US payrolls print, but like elsewhere this move drew selling interest from the market. The focus is likely to on whether we can break down through recent lows just under 1295. Note onshore spot ended Friday's session at 1300.20.

  • FX reserves have already printed for November, rising to $416.10bn from $414.01bn last month. Valuation effects (weaker USD) were likely the main driver of the improvement.
  • The domestic data calendar is now fairly quiet until the end of the week (when BoP and current account figures print).
  • The authorities will also reportedly expand the return to work order for truck drivers as the domestic strike continues.
  • In the equity space, the offshore lead from Friday is negative, with tech underperforming broader softness. To recap, the Kospi ended Friday's session down -1.84%. Offshore investors sold $394.4mn of local shares, curbing last week's net inflow to +577.1mn.
  • This weakness is yet to weigh on the won though, with broader softer USD trends still dominating.
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