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USD/KRW Down From Recent Cyclical Highs

KRW

1 month USD/KRW got above 1295 post the Asia close on Friday. We closed just under 1291 though. We are opening around this level this morning, while onshore spot has move up above 1291 in early trade.

  • Tech equity sentiment stabilized somewhat at the end of last week. The SOX index rose 0.46% and the MSCI IT index gained +0.84%. This only partially reversed weekly loses though. The SOX was still down nearly 9% last week.
  • The Kospi ended last week down 0.43%, for a weekly loss of nearly 6%. Net equity outflows for the week were just over $1bn, bring June to date net outflows to just under $3.2bn.
  • Locally, the government will further cut fuel taxes in order to stem price pressures. This tax will be cut from 37% to 30% and be in place from July until the end of 2022.
  • There is no data out today, with tomorrow's first 20 days of trade data for June the next major focus point.
  • Risk appetite is starting today on a slightly better footing, with US equity futures higher. This may see 1 month USD/KRW move back sub-1290, but dips back to the low 1280/high1270 region could still be supported.
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