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USD/KRW Remains Supported Ahead of 1305/06

KRW

1 month USD/KRW is opening up a touch firmer in early trade today, pushing back towards 1310/11. This is line with a stronger USD elsewhere against the majors. The Friday overnight session once again saw support emerge for the pair ahead of 1306.

  • Recessionary fears are once again weighing on the equity outlook and driving risk-aversion flows in FX markets. The Kospi was still higher through last week, while offshore investors added $733mn to local stocks.
  • In early trade today the Kospi is up modestly, last at +0.40%, despite weaker US equity futures.
  • Local equities may face headwinds today/this week though. On Friday, the SOX and MSCI IT index both fell, amid broad equity market weakness on the back of growth fears. The China Golden Dragon index lost 4% as well.
  • There is no major data out today. The focus will be on tomorrow's Q2 GDP print. The market expects growth to slow to 0.4% QoQ, versus 0.6% in Q1, which would see YoY growth ease back to 2.6% from 3.0% previously.
  • The Bank of Korea will also issue a note today on the inflation-wage relationship.
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