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USD/KRW Rangebound Despite Firmer Equities

KRW

1 month USD/KRW remained above 1310 for much of the post Asia close overnight. We have drifted sub 1312 in early trade this morning, slightly below NY closing levels, but we are now back above 1313.

  • First 20 days trade data for July has printed. Exports coming in at 14.5% yoy, but import growth remains firmer at 25.4%.
  • Note export growth for the first 10 days of the month was 4.7% YoY. Average daily exports held up well at 14.5% YoY, but exports to China remained negative at -2.5%.
  • The trade deficit is just over -$8.1bn for the first 20 days, although this should be better for the full month of July.
  • Tech equity sentiment remained positive overnight, with the SOX (+2.49%) and MSCI IT (+1.87%) index continuing to trend higher. China's Golden Dragon index slipped though (-0.76%). The Kospi is tracking higher in early trade, last at +0.30%.
  • Offshore investors, sold $29.5mn of local shares yesterday, but week to date net inflows remain positive at $472.7mn.
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