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S. Korean Won Weakens Amid Equity Outflows

KRW

Spot USD/KRW has advanced and last changes hands +8.00 figs at KRW1,325.70 despite a pullback in the BBDXY index. Bulls look for gains past the 100-DMA (KRW1,358.03), while bears keep an eye on the 200-DMA (KRW1,297.18).

  • USD/KRW 1-month NDF last +8.45 figs at KRW1,324.82. Topside technical focus falls on the 100-DMA (KRW1,361.95), with the 200-DMA (KRW1,302.74) providing the initial layer of support.
  • South Korean equity benchmarks are slightly weaker on the day, with KOSPI -0.31% & KOSDAQ -0.08% as we type. Foreign investors sold a net $57.7mn in local equities Tuesday, the most since Sep 28.
  • President Yoon returned from his Southeast Asia trip, during which he tried to lobby China's Xi Jinping to play a more constructive role in addressing North Korea's nuclear programme.
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