October 16, 2024 22:54 GMT
KRW: Spot USD/KRW Above 1360, BoK Governor In Beijing For CB Meeting
KRW
Spot USD/KRW finished extended Wednesday trade at 1364.55, so just short of recent highs above 1367. Won lost some territory as broader USD sentiment gained further ground, particularly against the EU currencies (which were weighed by lower yields). The 1 month NDF ended up near 1362.5, little changed for Wednesday's session as a whole.
- US equity sentiment was slightly better for Wednesday's session, although the SOX and MSCI indices only rose a touch after sharp losses on Tuesday.
- To recap, the Kospi lost nearly 0.90% yesterday, while offshore investors sold -$582.2mn in local shares, amid broader global tech headwinds (post the disappointment from ASML on earnings/orders).
- The local data calendar is empty until next week when the first 20-days of October trade figures are out.
- Focus today will be on spill over from China related sentiment, with the housing briefing in focus. Also note the BoK Governor will be in Beijing for a trilateral meeting with PBoC head and the BoJ Governor.
- For spot USD/KRW, upside focus is likely to rest on the 1370-80 region. On the downside, the 200-day EMA rests near 1352.5, while the 100 and 50-day EMAs are sub 1350.
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