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Familiar Themes Still Driving Won Gains

KRW

The outperformance of the won continued. The 1 month USD/KRW fell 1.30% yesterday, with the pair getting close to 1370 late in NY before rebounding and closing at 1374.60. There is a cluster of lows from mid-September around the low 1370 region, while further on the downside is the 100 day EMA at 1366.77. Note onshore spot ended yesterday at 1385.

  • Familiar drivers are still in play for the won, with further gains for tech related shares overnight (SOX +2.15% & MSCI IT +1.20%), likely to help onshore equity sentiment in the first part of trading.
  • To recap, the Kospi rose a further 1.15% yesterday to 2399, putting the index above its 100-day EMA. Offshore investors added +$270.2mn to local shares yesterday.
  • Earlier, the unemployment rate held steady at 2.8% for October, against expectations of 2.9%. Jobs growth eased further though to 2.4% y/y, from 2.6% y/y last month.
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