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KRW: USD/KRW Holding Near 1345, Kospi Weighed By Samsung Earnings

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Spot USD/KRW finished extended Monday trade near 1344. This represented a won gain of 0.29%, so a modest redound after sharp losses last week. For the pair, Friday highs at 1352.15 remain intact, which also coincides with the 20-day EMA. On the downside, the 20-day EMA is back close to 1334. We have drifted higher in early Tuesday dealings, last near 1345. 

  • The won appeared to benefit from firmer JPY and CNH levels as Monday's session unfolded. Still since the start of October we are down comfortably after starting the month closer to 1315.
  • Early equity trends are negative for the Kospi, with the index off around 0.75% at this stage and back under the 2600 level in index terms. Earlier Samsung earnings were weaker than forecast, with the chips sector a headwind.
  • Yesterday offshore investors added $79.8mn to local shares, but inflows have been close to flat for October.
  • On the data front, the August current account and goods balance surpluses narrowed but remain near $6.5bn.
  • We have the BoK meeting on Thursday where a 25bps cut is expected. 
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Spot USD/KRW finished extended Monday trade near 1344. This represented a won gain of 0.29%, so a modest redound after sharp losses last week. For the pair, Friday highs at 1352.15 remain intact, which also coincides with the 20-day EMA. On the downside, the 20-day EMA is back close to 1334. We have drifted higher in early Tuesday dealings, last near 1345. 

  • The won appeared to benefit from firmer JPY and CNH levels as Monday's session unfolded. Still since the start of October we are down comfortably after starting the month closer to 1315.
  • Early equity trends are negative for the Kospi, with the index off around 0.75% at this stage and back under the 2600 level in index terms. Earlier Samsung earnings were weaker than forecast, with the chips sector a headwind.
  • Yesterday offshore investors added $79.8mn to local shares, but inflows have been close to flat for October.
  • On the data front, the August current account and goods balance surpluses narrowed but remain near $6.5bn.
  • We have the BoK meeting on Thursday where a 25bps cut is expected.