KRW: Spot USD/KRW Just Above 20-day EMA, Early Sep Trade Data Due

Spot USD/KRW ended extended Tuesday trade at 1344, a won loss of 0.15%. The 1 month NDF ended NY trade at 1341.6, also a modest loss in won terms. For spot we remain close to recent highs, which came in at 1347.85 and we are also just above the 20-day EMA resistance level (near 1343.4). 

• Won saw little positive spill over from tech equity gains through Tuesday trade. Both the SOX and MSCI IT indices rose by over 1%. Broader concerns around the global growth outlook were a headwind and a factor in the sharp pull back in oil prices. Yen was firmer in this risk off environment, but CNH weakened modestly, so the net impact for won may have also been neutral on this front.
• On the data front today we have already had August jobs data, which was mixed. The jobless rate fell to 2.4% (a record low), against a 2.6% forecast. Still, jobs created slowed to +123k y/y, versus +172k in July.
• Coming up shortly we have the first 10-days of September trade data. Later on bank lending to households for August is out. The latter will be a key watch point for the BOK and the broader authorities.
• Yesterday's BOK minutes showed concern over both household debt and house price gains.