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Spot USD/KRW Eyeing Earlier July Lows, Positive Equity Inflow Momentum Continues

KRW

Spot USD/KRW sits slightly down on Friday closing levels. The pair was last near 1378 (+0.20% in won terms), after ending Friday's session close to 1381. Friday's session delivered an unchanged outcome, so today's early price action may be some catch up to USD weakness seen on Friday. The 1 month NDF was last around 1376, little changed for the session,

  • This puts the pair, in spot terms, not far from earlier July lows close to 1376. We are sub the 20-day EMA, back near 1381, while the 50-day EMA is further south around 1373.5.
  • In the cross asset space, equity trends are mixed, with some major markets lower, along with US futures, albeit only near -0.1% at this stage. The Kospi is close to flat. Early equity flow trends are positive from offshore investors (+$108mn), with July month to date running at $1.4bn.
  • On the data calendar, we have unemployment figures on Wednesday, followed by the BoK decision on Thursday. No change from the BoK is expected, but dovish risks (around a potential August cut) are likely to be a market focus point.
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