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KRW: Spot USD/KRW Back Above 1430 Amid Tech Equity Weakness, BoK Today

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Spot USD/KRW ended Monday trade, just above 1430. Earlier the pair had made fresh YTD lows at 1424.10, amid broad USD softness. USD demand was supported by the softer equity backdrop, whilst EUR and JPY moved away from earlier highs against the USD. The 1 month NDF finished up at 1427.7. 

  • US equities finished lower, the Nasdaq down 1.21%. Late Trump headlines on tariffs progressing/moving forward against Canada and Mexico didn't help sentiment. The SOX index fell 2.59%, the MSCI IT dipped 1.32%, setting up a negative lead for tech related plays in Asia Today.
  • To recap, the Kospi fell 0.35% yesterday, with offshore investors selling -$216mn of local stocks.
  • Today the main focus will be on the BoK decision. All the sell side economists surveyed by BBG see a 25bps cut, but we see risks of an on hold outcome, as the central bank presses the government to raise fiscal stimulus. The BoK will also revise its GBP and CPI forecasts for 2025 and 2026.
  • We also have retail sales data for Jan due, but this is typically not a market mover.
  • For USD/KRW technicals, spot remains wedged between the 100-day EMA on the downside (near 1421) and on the topside, the 50-day EMA (close to 1439). 
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Spot USD/KRW ended Monday trade, just above 1430. Earlier the pair had made fresh YTD lows at 1424.10, amid broad USD softness. USD demand was supported by the softer equity backdrop, whilst EUR and JPY moved away from earlier highs against the USD. The 1 month NDF finished up at 1427.7. 

  • US equities finished lower, the Nasdaq down 1.21%. Late Trump headlines on tariffs progressing/moving forward against Canada and Mexico didn't help sentiment. The SOX index fell 2.59%, the MSCI IT dipped 1.32%, setting up a negative lead for tech related plays in Asia Today.
  • To recap, the Kospi fell 0.35% yesterday, with offshore investors selling -$216mn of local stocks.
  • Today the main focus will be on the BoK decision. All the sell side economists surveyed by BBG see a 25bps cut, but we see risks of an on hold outcome, as the central bank presses the government to raise fiscal stimulus. The BoK will also revise its GBP and CPI forecasts for 2025 and 2026.
  • We also have retail sales data for Jan due, but this is typically not a market mover.
  • For USD/KRW technicals, spot remains wedged between the 100-day EMA on the downside (near 1421) and on the topside, the 50-day EMA (close to 1439).