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KRW: USD/KRW Spot Back Above 1400, RSI Not Yet Overbought

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Spot USD/KRW ended Monday trade at 1401.4, a won loss of 0.39%. This puts us within striking distance of post election highs at 1404.45. Official rhetoric around broader financial market volatility may continue, although broader USD gains were strong through Monday's session. The BBDXY USD index touched fresh 1 year highs, while JPY and CNH lost ground versus the USD, as Trump related trades outperformed. 

  • For spot USD/KRW a clean break above 1400 may see early Nov 2022 highs near 1429 targeted on the upside. On the downside the 20-day EMA continues to trend higher, last near 1379.4. The RSI (14) is elevated at 65.4, but not yet in overbought territory.
  • The local data calendar is empty until tomorrow's Oct trade price print, along with the unemployment rate.
  • The Korea Development Institute will release economic forecasts at 12pm local time (per BBG).
  • In the equity space, US markets were impact by the Veterans Day holiday, but rose modestly in terms of the aggregate indices. We did see the SOX lower though, off 2.54%, while the MSCI IT lost 0.71%.
  • To recap, the Kospi fell 1.15% yesterday, while offshore investors sold -$404.3mn of local stocks. The Kospi index is back to mid September lows. 
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Spot USD/KRW ended Monday trade at 1401.4, a won loss of 0.39%. This puts us within striking distance of post election highs at 1404.45. Official rhetoric around broader financial market volatility may continue, although broader USD gains were strong through Monday's session. The BBDXY USD index touched fresh 1 year highs, while JPY and CNH lost ground versus the USD, as Trump related trades outperformed. 

  • For spot USD/KRW a clean break above 1400 may see early Nov 2022 highs near 1429 targeted on the upside. On the downside the 20-day EMA continues to trend higher, last near 1379.4. The RSI (14) is elevated at 65.4, but not yet in overbought territory.
  • The local data calendar is empty until tomorrow's Oct trade price print, along with the unemployment rate.
  • The Korea Development Institute will release economic forecasts at 12pm local time (per BBG).
  • In the equity space, US markets were impact by the Veterans Day holiday, but rose modestly in terms of the aggregate indices. We did see the SOX lower though, off 2.54%, while the MSCI IT lost 0.71%.
  • To recap, the Kospi fell 1.15% yesterday, while offshore investors sold -$404.3mn of local stocks. The Kospi index is back to mid September lows.