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Feb Trade Data Due, But Local Markets Closed Today

KRW

1 month USD/KRW mostly tracked lower post the Asia close. After getting to the 1325 level late in Asia trade, we pulled back towards 1315 in NY trade, but edged higher into the close to finish up near 1322. Equity market weakness towards the tail end of the US session provided some USD support. Note onshore spot ended yesterday close to 1323.

  • Note onshore markets are closed today for the Independence Day holiday.
  • We still have Feb trade data on tap though, with the market looking for some improvement in export growth momentum (-8.8% y/y forecast, versus -16.6% in Jan). The trade deficit is also expected to be around half of Jan levels (-$6.01bn forecast, versus -$12.65bn prior).
  • The detail will also be watched in terms of key sectors such as semiconductors and momentum to economies like China and the US.
  • In the equity space we saw modest tech index outperformance, but the divergence with the major indices wasn't large. To recap, the Kospi rose 0.42% yesterday, while offshore investors sold -$171.1mn of local equities.
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