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Inflation Expectations Edge Lower, USD/KRW Down Slightly From Cyclical Highs

KRW

1 month USD/KRW finished the NY session just under 1430, with a post Asia close dip towards 1420 finding support, as equities weakened during the overnight session. Onshore spot closed just under 1431 yesterday. Yesterday's high was around 1435, so that could offer some resistance.

  • September consumer confidence printed earlier, rising to 91.4, up from the July trough of 86.0. Inflation expectations eased back to 4.2%, with this metric peaking at 4.7% in July. Inflation perceptions remained unchanged though from last month (5.1%).
  • Tomorrow, we get retail sales data for August, not typically a market mover.
  • The equity lead is once again negative for onshore markets. To recap, the Kospi lost 3% yesterday (the Kosdaq worse at -5%). Interestingly though, offshore investors were small net buyers of onshore equities (+$82.6nm).
  • Tech equities were lower, although more so the SOX than MSCI IT. In any event the Kospi has already broken lower to fresh YTD lows.
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