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USD/KRW Can't Hold Above 1300

KRW

1 month USD/KRW got above 1303 in NY trading late on Friday, but we closed back just below 1299. Firmer US equities helped, as did a lower VIX reading. Spot opened around 1299 today (after ending last week at 1297.25), but are back to 1298 now.

  • Tech equity sentiment was mixed on Friday, with the SOX semiconductor index falling by over 3.8%. The MSCI IT index edged higher though, by 0.14%. There were a number of company reports late last week (TSMC in Taiwan and Micron in the US), highlighting weaker demand conditions for chips.
  • The Kospi is oscillating between gains and losses in early trade today. To recap, the Kospi finished 1.17% lower on Friday, with offshore investors selling $338.9mn in local shares. Net outflows for the week were just under $950mn
  • Locally, the BoK and Finance Ministry stated they will act pre-emptively against economic risks. The adverse impact of rising interest rates will also be monitored closely.
  • Separately, an onshore media outlet reported the government will abandon its expansionary fiscal policy setting.
  • The data calendar is quiet, with FX reserves out early tomorrow, followed by the main focus point, June CPI figures. The market expects a YoY reading of 5.9%.
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