​Falters On Tech Equity Sell-Off ​​

1 month USD/KRW spent much of the post Asia close on the front foot. The pair got close to 1320, before finishing just above 1318 in NY. For Thursday's session this left the won weaker by 1.78% in terms of the 1 month NDF, underperforming the 1% drop in USD indices. Spot ended yesterday's session at 1303.45, so the early impetus will be catch up to the topside today.

• From a technical perspective, 1 month USD/KRW is very close to the 200-day EMA (1317.66) and 20 day (1320). December highs also come in around 1325.50. Dips sub 1310 were supported during the NY session.
• The equity lead is a poor one for the Kospi today. Tech indices fell sharply, the SOX down 4.17%, the MSCI IT off by 3.84%. To recap, the Kospi lost 1.60% yesterday, while offshore investors shed -$35mn of local equities. Week to date net inflows still stand at +$189mn, but we may see more outflow pressures today.
• The won has diverged somewhat from onshore equity trends since the start of this month, although played catch up during Thursday's session.
• The data calendar remains empty until next Wednesday when the first 20 days trade data for December is due.
• The Finance Ministry does release its monthly economic assessment report at 10am local time today.