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Equity Jitters Helping Stabilize USD/KRW

KRW

1 month USD/KRW is opening up slightly firmer, pushing back to 1308, versus overnight lows around 1306. The Kospi has struggled in early trade, weighed by weaker US tech futures, following disappointing earnings results after the close. USD/KRW has moved away from a test of the 1305/06 region for now.

  • The broader trend in tech equity sentiment has been positive though. The SOX is at multi-week highs, likewise for the MSCI IT index. Both indices gained a further 1.5% in overnight trading.
  • Net equity inflows to local shares were +$285.6mn yesterday, bringing week to date inflows to $758.3mn. This is the strongest weekly inflows since early June.
  • Earlier, PPI data continued to show inflation prices, with the YoY print at 9.9%, right on recent cyclical highs.
  • The recent won recovery has put it more in line with equity performance, but a wedge still persists. Even with today's Kospi weakness, the won should still be closer to 1300.
  • Of course, in the first half of July dips sub the 1300 level were well supported in USD/KRW.
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