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Onshore Markets Return, 1 Month USD/KRW Looking To Sustain Downside 100-Day MA Break

KRW

South Korean markets return today after yesterday's Memorial day holiday. 1 month USD/KRW spent much of Tuesday's session sub 1300, we closed in NY near 1298. This puts us slightly under the 100-day MA (just under 1300) Monday's onshore spot close was 1308.25.

  • The local data calendar remains quiet until Friday, leaving won sentiment to be dictated by broader cyclical/sentiment drivers.
  • The won continues to outperform higher USD/CNH levels, with a better equity tone providing an offset. The Kospi at 2615 is at highs back to June last year. For Tuesday's session, offshore equity sentiment was slightly better in the tech space, with the SOX up 1.28%, although the MCSI IT lost a little ground.
  • Elsewhere, the South Korean government and central bank will talk to FX market participants at a regular meeting, see this link for more details.
  • Finance Minister Choo will also hold a meeting on economic regulation at 9am local time.
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