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KRW: Loses Ground Amid Yen Losses, Tech Equity Falls, Trade Data Coming Up

KRW
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Spot USD/KRW mostly tracked higher post the Asia close on Friday. We ended extended trade at 1335.2, a won loss of 0.46%. Recent lows in the pair sub 1325 remain intact. For the 1 month NDF we ended Friday NY trade near 1330. 

  • Some negative spill over from weaker yen levels were a likely won headwind through Friday trade (post dovish BoJ rhetoric), although a firmer yuan potentially provided some offset the other way.
  • In the equity space, we had losses for both the SOX and MSCI IT indices, although both benchmarks still finished higher for the week. To recap, the Kospi finished last week just off recent highs and sub the 2600 level. The tone to offshore investment flows remains negative though.
  • Samsung (and TSMC) are reportedly considering chip factories in the UAE, per the WSJ.
  • On the data front, coming up soon we have the first 20-days trade data for September. The first 10days data showed a resilient export picture, with firm trends to both the US and China.
  • For spot USD/KRW, topside focus may rest with the 20-day EMA (just above 1340). Late August lows just under 1320 remain intact. 
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Spot USD/KRW mostly tracked higher post the Asia close on Friday. We ended extended trade at 1335.2, a won loss of 0.46%. Recent lows in the pair sub 1325 remain intact. For the 1 month NDF we ended Friday NY trade near 1330. 

  • Some negative spill over from weaker yen levels were a likely won headwind through Friday trade (post dovish BoJ rhetoric), although a firmer yuan potentially provided some offset the other way.
  • In the equity space, we had losses for both the SOX and MSCI IT indices, although both benchmarks still finished higher for the week. To recap, the Kospi finished last week just off recent highs and sub the 2600 level. The tone to offshore investment flows remains negative though.
  • Samsung (and TSMC) are reportedly considering chip factories in the UAE, per the WSJ.
  • On the data front, coming up soon we have the first 20-days trade data for September. The first 10days data showed a resilient export picture, with firm trends to both the US and China.
  • For spot USD/KRW, topside focus may rest with the 20-day EMA (just above 1340). Late August lows just under 1320 remain intact.