Spot USD/KRW Above 1336 Amid Tech Equity Losses, President Yoon To Discuss Pension Reforms

Spot USD/KRW was supported sub 1335 in extended Wednesday trade, finishing just above 1336 (a won loss of 0.36% for Wednesday's session). The 1 month NDF closed at 1334.55, a loss in won terms of 0.74%. The softer US equity backdrop, particularly in the tech space, kept USD/KRW won dips supported through US trade.

• For USD/KRW near term focus may rest on any upside test above 1340, with recent highs coming in near 1344. Lows sub 1320 remain intact.
• US equity futures are down sharply in early Thursday trade, the Nasdaq future off around 1.20%. Nvidia's earnings beat consensus but fell short of more lofty market expectations it seems.
• This, coupled with lower closes for tech related indices in cash Wednesday trade (SOX off 1.83%, MSCI IT down 1.20%) is likely to weigh on South Korean equity sentiment in early Thursday dealings.
• To recap, the index closed index yesterday (for the Kospi) but offshore investors still sold -$316.4mn of local shares.
• The local data calendar is empty today, with IP and the cyclical leading index out tomorrow. President Yoon will hold a press conference at 10am local time on pension reform proposals. Real estate project financing will also be in focus at a Financial Supervisory Service (FSS) meeting (per BBG).