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Tech Equity Sentiment Better, Q1 GDP Revised Lower

KRW

1 month USD/KRW spent most of the post-Asia close drifting lower. After touching a high of 1259.6, we got to 1254 in NY trading, in line with USD weakness and better equity market sentiment. Note spot closed yesterday onshore at 1257.40. The 50-day MA is at 1248.23.

  • Tech equity sentiment was better overnight, the SOX up 0.99%, while the MSCI IT index gained over 1%. Both indices remain within recent ranges though. The China Golden Dragon index continued to recover, up a further 3.33% and above the 100-day MA in a meaningful way for the first time since March 2021.
  • Still, the Kospi struggled yesterday, down 1.66%, while offshore investors shed $244mn of local equities. Sentiment should be better today.
  • Locally, the focus will be on a potential North Korea nuclear test. This would be the first such test since 2017. The US has stated its response to such a test will be forceful, although it is unlikely to get much support at the UN for a coordinated response in terms of new sanctions, given Russia and China's likely veto.
  • On the data front, Q1 GDP has been revised down a touch to 0.6% QoQ (from 0.7%), while YoY growth is 3.0%, versus 3.1% initially reported.
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