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Spot USD/KRW Close To Upside 200-Day EMA Resistance

KRW

USD/KRW spot gains stand at +0.60% for the session so far, putting the pair back to 1303, fresh highs going back to the first part of June. We are back above the 20-day EMA (1296.7), while the 200-day is not too far away at 1304.7. The 1 month NDF is back to the 1300 handle as well and is tracking just above Thursday session highs.

  • The risk off tone to regional markets is weighing on the won, along with higher USD/CNH levels (above 7.2250).
  • Local equities started stronger, but are now back to 2575 for the Kospi (-0.70% weaker). The tone of offshore selling of local equities has continued, with a further $95mn in outflows so far this session, bringing week to date outflows to $1.1bn.
  • The local data calendar is quiet until the first half of next week when consumer confidence and business survey readings print.

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