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KRW: Spot USD/KRW To Play Upside Catch Up As Onshore Markets Return

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The 1 month USD/KRW NDF was mostly on the front foot post the Asia close on Thursday. Highs were around the 1335 region, before the pair finished up at 1332.5, a won loss of 0.75%. In the past week the 1 month NDF has lost 1.82% in KRW terms, as broader USD sentiment has firmed. Onshore markets return today, with spot USD/KRW last at 1322.95, so the early today should be to the topside in the pair. 

  • Broader USD sentiment was supported through Thursday trade, as the ISM services beat supported a further recovery in US yields. In the equity space, headline US indices were down marginally, but we saw outperformance from tech related plays, the SOX and the MSCI IT indices up around 0.50-0.55%.
  • For the Kospi, the sessions the market has been open this week has seen cumulative losses of over 3%. The better US tech lead from Thursday trade may provide some respite but note the softer tone to Hong Kong/China related equities through Thursday trade is working the other way.
  • For spot USD/KRW, we may test the 20-day EMA near 1331.4. Beyond late Sep highs were around the 1340 level. End Sep lows were at 1303.4.
  • The local data calendar is empty today, with focus shifting to next week's BoK decision, where risks are skewed towards the easing cycle starting. 
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The 1 month USD/KRW NDF was mostly on the front foot post the Asia close on Thursday. Highs were around the 1335 region, before the pair finished up at 1332.5, a won loss of 0.75%. In the past week the 1 month NDF has lost 1.82% in KRW terms, as broader USD sentiment has firmed. Onshore markets return today, with spot USD/KRW last at 1322.95, so the early today should be to the topside in the pair. 

  • Broader USD sentiment was supported through Thursday trade, as the ISM services beat supported a further recovery in US yields. In the equity space, headline US indices were down marginally, but we saw outperformance from tech related plays, the SOX and the MSCI IT indices up around 0.50-0.55%.
  • For the Kospi, the sessions the market has been open this week has seen cumulative losses of over 3%. The better US tech lead from Thursday trade may provide some respite but note the softer tone to Hong Kong/China related equities through Thursday trade is working the other way.
  • For spot USD/KRW, we may test the 20-day EMA near 1331.4. Beyond late Sep highs were around the 1340 level. End Sep lows were at 1303.4.
  • The local data calendar is empty today, with focus shifting to next week's BoK decision, where risks are skewed towards the easing cycle starting.