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Won Still Riding The Tech Rebound

KRW

1 month USD/KRW dipped sub 1250 post the Asian close on Friday, before closing just under 1253. Note spot ended last week onshore at 1256.35.

  • The won continues to ride the better tech equity sentiment wave. The MSCI IT index gained a further 3.4% on Friday, bringing gains for the week to +7.50%, the best since mid March and the first weekly rise since the start of April. China's Golden Dragon index also posted a strong gain for the week.
  • The Kospi ended last week firmly, while offshore investors put $139.5mn into local equities, reducing last week's net outflows to -$250.4mn
  • The lead from equities should be a positive one for the won today. The focus is likely to be on whether onshore spot can test below 1250 in USD/KRW terms, following Friday's sharp drop. Note also the 50-day MA comes in just above 1245.
  • The data calendar is light but swings into gear tomorrow, with IP figures due. The South Korean parliament approved a 62t won extra budget yesterday to aid small businesses hit by the Covid pandemic.
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