February 07, 2023 22:45 GMT
Recent Ranges Hold, Dec Current Account Data On Tap
1 month USD/KRW continued to find selling interest above 1260 post the Asia close, but equally couldn't make much headway in the low 1250 region. This leaves the pair within recent ranges, as we ended the NY session close to 1255, which is near the onshore spot close from yesterday at 1255.60.
- Coming up shortly is the Dec goods balance and current account data. There are no consensus estimates, but both figures were in deficit in Nov. The market impact shouldn't be too large though, given we already know the Jan trade deficit number.
- The equity lead in the tech space is positive, with the SOX rebounding 3.12% in Tuesday trade, while the MSCI IT was up +2.17%, as we saw a risk-on mood return to the equity space.
- Still, the Kospi was already in positive territory yesterday, up 0.55%, while offshore investors added a modest $20mn to local equities.
- The other focus point will be the Vice Finance Minister's meetings in London with FTSE/Russell officials as Korea seeks to join the WGBI.