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KRW: Spot USD/KRW Closing In On 1360, Weighed By Lower HK Equities

KRW
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Spot won is comfortably the worst performer within the Asia FX space. The won was last off close to 0.55% and USD/KRW is closing in on the 1360 level. These levels were last seen in the first half of August this year. We are above all key EMAs, with the 100-day closest near 1352. Based off RSI (14) spot USD/KRW is not in overbought territory. Early August highs in the pair were around 1380 

  • The won is being weighed by weaker higher beta FX trends more broadly, with AUD, NZD & NOK all down in the G10 space. Spill over from disappointment around the weekend China fiscal briefing is weighing on regional equity, with Hong Kong markets most under pressure at this stage.
  • The Kospi is still in the green, but off earlier highs of +1%.
  • Comments are crossing from BoK Governor Rhee, who stated the central bank will carefully consider the pace of rate cuts, due to financial stability concerns. This reiterates what the Governor stated on Friday after the BoK cut rates. 
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Spot won is comfortably the worst performer within the Asia FX space. The won was last off close to 0.55% and USD/KRW is closing in on the 1360 level. These levels were last seen in the first half of August this year. We are above all key EMAs, with the 100-day closest near 1352. Based off RSI (14) spot USD/KRW is not in overbought territory. Early August highs in the pair were around 1380 

  • The won is being weighed by weaker higher beta FX trends more broadly, with AUD, NZD & NOK all down in the G10 space. Spill over from disappointment around the weekend China fiscal briefing is weighing on regional equity, with Hong Kong markets most under pressure at this stage.
  • The Kospi is still in the green, but off earlier highs of +1%.
  • Comments are crossing from BoK Governor Rhee, who stated the central bank will carefully consider the pace of rate cuts, due to financial stability concerns. This reiterates what the Governor stated on Friday after the BoK cut rates.