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KRW: 1 Month USD/KRW Tests 20-day EMA Resistance, CPI Coming Up Shortly

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1 month USD/KRW ended Tuesday NY trade at 1322.50, a won loss of 0.45%. This follows Monday's loss of 0.66%. The pair got as high as 1327.2 in US trade, as risk off gripped markets. This was just above the 20-day EMA (near 1326.5), but we couldn't sustain this move. Through September, when the pair moved above the 20-day EMA it was ultimately a selling opportunity in the pair. 

  • Note onshore spot was last at 1314.7, which was Monday's closing level. Onshore markets return today after yesterday's holiday, although are out again tomorrow.
  • The market went risk off amid Iran's missile attack on Israel. Tech related equities underperformed, with the SOX down 2.86%, while the MSCI IT fell by 2.40%. To recap, the Kospi finished up at Monday's session sub 2600 (off over 2%).
  • US equity futures are down in the first part of trade today, with Nasdaq futures off around 0.25%. Oil prices are holding up around 1.5%, as the market braces for Israel's response.
  • Locally coming up shortly we have South Korean CPI for September is due. The market expects 0.4%m/m, the same as August, but a slight downtick in headline CPI in y/y terms (to 1.9%) and core (2.0%).
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1 month USD/KRW ended Tuesday NY trade at 1322.50, a won loss of 0.45%. This follows Monday's loss of 0.66%. The pair got as high as 1327.2 in US trade, as risk off gripped markets. This was just above the 20-day EMA (near 1326.5), but we couldn't sustain this move. Through September, when the pair moved above the 20-day EMA it was ultimately a selling opportunity in the pair. 

  • Note onshore spot was last at 1314.7, which was Monday's closing level. Onshore markets return today after yesterday's holiday, although are out again tomorrow.
  • The market went risk off amid Iran's missile attack on Israel. Tech related equities underperformed, with the SOX down 2.86%, while the MSCI IT fell by 2.40%. To recap, the Kospi finished up at Monday's session sub 2600 (off over 2%).
  • US equity futures are down in the first part of trade today, with Nasdaq futures off around 0.25%. Oil prices are holding up around 1.5%, as the market braces for Israel's response.
  • Locally coming up shortly we have South Korean CPI for September is due. The market expects 0.4%m/m, the same as August, but a slight downtick in headline CPI in y/y terms (to 1.9%) and core (2.0%).