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Rally Extends On Buoyant Equities, 1 Month USD/KRW Close To 20-day EMA Support

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Spot KRW is leading the move higher in Asia FX, up nearly 0.7% in the first part of Wednesday dealings (THB is also rallying, up 0.50%). The 1 month NDF is just under 1366.5 (+0.35% firmer in won terms as well), which is fresh lows in the pair back to April 12. We aren't too far away from the 20-day EMA which is back near 1364.

  • The won is enjoying the better equity tone from recent sessions, particularly in the tech space. Earnings optimism, coupled with a pullback in US yields, is aiding sentiment in this space.
  • Onshore the Kospi is up +1.65% so far today.
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Spot KRW is leading the move higher in Asia FX, up nearly 0.7% in the first part of Wednesday dealings (THB is also rallying, up 0.50%). The 1 month NDF is just under 1366.5 (+0.35% firmer in won terms as well), which is fresh lows in the pair back to April 12. We aren't too far away from the 20-day EMA which is back near 1364.

  • The won is enjoying the better equity tone from recent sessions, particularly in the tech space. Earnings optimism, coupled with a pullback in US yields, is aiding sentiment in this space.
  • Onshore the Kospi is up +1.65% so far today.