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Spot USD/KRW Above 1340, But Down From Thursday Intra-Session Highs

KRW

Spot USD/KRW has opened Friday dealings slightly softer. The pair was last near 1341 after ending extended Thursday trade just above 1343. Intra-session highs from Thursday trade came in near 1344. Spot won lost 0.70% for Thursday session, as USD/KRW corrected higher from recent oversold conditions amid a broadly positive USD backdrop.

  • Local equities have opened softer this morning, the Kospi down around 0.4% at this stage, but still close to 2700 in index terms. Yesterday saw offshore equity outflows, albeit modestly, while for the week we are tracking at -$118.6mn in net outflows.
  • In Thursday offshore trade, tech related indices faltered. The SOX fell 3.44%, the MSCI IT was down 1.98%. Higher US yields amid resilient data/cautious Fed speak weighed, along with potential profit taking ahead of Jackson Hole.
  • For spot USD/KRW, upside focus will rest with the 200-day MA, near 1354, which also coincides with earlier August lows. Recent lows in the pair rest close to 1325.
  • The local data calendar is empty until next week. The general sell-side bias post yesterday's BoK meeting outcome is for a Q4 cut, although exact timing is uncertain given the central bank's trade off between domestic conditions and concerns over house prices/household debt.
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