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KRW: Rallies 1% On Thursday, But 20-day EMA Support For USD/KRW Holds

KRW
GlobalEM BulletBulletSouth KoreaAPACEmerging Market NewsRegion

Spot USD/KRW tracks near 1387 in early Asia Pac Friday dealings. This is up a touch from end Thursday levels. Spot got as low as 1382 in Thursday trade amid broader USD/US yield softness. For Thursday's session the won was around 1% higher, in line with yen gains, but lagging some other parts of higher beta FX. 

  • The 20-day EMA near 1375 remains intact in terms of downside support. We haven't been sub this support point since early Oct. Recent highs rest at 1404.45.
  • South Korean officials have been on the wires this morning again stating they will monitor financial market volatility and act if needed. BoK Governor Rhee stated that 1-2 weeks are needed to assess the US election impact for local policy (per BBG).
  • In the equity space, the Kospi is tracking higher in the first part of trade, up close to 0.9%. This puts the index back close to 2600, but still well within recent ranges. Offshore investor flows have been very modest in recent sessions.
  • Tech indices were higher in US trade on Thursday, the SOX up 2.27%, the MSCI IT gained nearly 2%. 
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Spot USD/KRW tracks near 1387 in early Asia Pac Friday dealings. This is up a touch from end Thursday levels. Spot got as low as 1382 in Thursday trade amid broader USD/US yield softness. For Thursday's session the won was around 1% higher, in line with yen gains, but lagging some other parts of higher beta FX. 

  • The 20-day EMA near 1375 remains intact in terms of downside support. We haven't been sub this support point since early Oct. Recent highs rest at 1404.45.
  • South Korean officials have been on the wires this morning again stating they will monitor financial market volatility and act if needed. BoK Governor Rhee stated that 1-2 weeks are needed to assess the US election impact for local policy (per BBG).
  • In the equity space, the Kospi is tracking higher in the first part of trade, up close to 0.9%. This puts the index back close to 2600, but still well within recent ranges. Offshore investor flows have been very modest in recent sessions.
  • Tech indices were higher in US trade on Thursday, the SOX up 2.27%, the MSCI IT gained nearly 2%.