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Korean Markets Re-Open, PMI Data Out

KRW

1 month USD/KRW closed near 1248 in NY, just under the 50-day MA at 1248.60. Local markets re-open today, note that onshore spot last closed at 1237.50.

  • The lead from tech related equities is a little softer. The SOX index dropped 1.60%, while the MSCI IT index dipped 0.45%. The China Golden Dragon index also fell, -1.64%, but this comes after a 15.6% rally in the final 4 trading sessions of May.
  • The data focus will be on the PMI manufacturing print. There is no consensus, but the last print was 52.1. Recall yesterday that the Taiwan PMI fell sharply to 50.0 versus 51.7 previously.
  • South Korean export data was better than expected though, while China official PMIs also saw better than expected improvement in May, albeit while remaining sub 50.0.
  • Yesterday's local elections yesterday have given a boost for new President Yoon Suk Yeol's conservative party. The People Power Party won 12 of 17 major posts, which covers provincial governors and mayor positions. This includes the large cities of Seoul and Busan.
  • This should help Yoon push his agenda, with housing affordability a key domestic issue, while a tougher stance on North Korea is also expected.
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