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Spot USD/KRW Sub 1300, Onshore Equities Continue To Push Higher

KRW

Spot USD/KRW has gapped lower in the first part of trade, the pair last in the 1298/1299 region, around 0.80% stronger in won terms versus Monday's closing levels. This is largely reflecting catch up with won resilience in the NDF space since onshore markets have been shut. This leaves spot very close to the 100-day MA but we haven't sustained an earlier breach to the downside of this support level (the spot low was 1296.85, 100 day MA level comes in closer to 1298).

  • The 1 month NDF is a touch below NY closing levels from Tuesday, last close to 1296.00, against an earlier low of 1294.73.
  • Mid April lows in the pair were close to 1292.50, while end Mar lows were in the 1286/97 region. Note the 50-day MA sits back higher around 1320.50.
  • Onshore equities are continuing to track higher, the Kospi last above 2628, +0.50% firmer for the session. Samsung will unveil new foldable devices at a launch in late July.
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