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Markets Re-open, IP and PMI Prints On Tap

KRW

1 month USD/KRW finished down 1.34% for Wednesday's session. We dipped below 1300 before USD support emerged (backed by higher yields), which saw the pair finish in the 1304/05 region by the NY close. Note onshore markets were closed yesterday, but re-open today, with last spot levels at 1323, so we should see some downside impetus in the first part of trade.

  • Early doors this morning we get IP figures for Jan, which are expected to remain under pressures (y/y forecast is at -9.5%, versus -7.3% in Dec). The cyclical leading index is also out, while later on the manufacturing PMI prints, last was 48.5.
  • We should see some upward recovery in PMI based off the China and Taiwan results from yesterday.
  • Note the South Korean Finance Minister will also hold a meeting at 8am local time, so a little under 30mins time.
  • The tech lead is modestly negative for the Kospi since onshore markets were closed yesterday, but the positive China impulse should provide some offset.
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