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KRW: Spot USD/KRW Back Above 1450, Govt Focus On House Price Rise

KRW
EM BulletBulletSouth KoreaAPACEmerging Market News

Spot USD/KRW finished up at 1451.45 on Tuesday, a won loss of 0.48% and nearly offsetting all of Monday's gain. The 1 month USD/KRW NDF rose 0.41%, finishing up near 1447 in Tuesday NY trade. The won underperformed slightly softer USD index levels from Tuesday, but G10 currency gains were focused on the EU bloc. Higher beta commodity FX underperformed. 

  • Tuesday's correction higher in USD/KRW puts the pair back above its 20 (1449) and 50 day (1443.8) EMAs. Yesterday's lows were near 1440. Current levels keep us close to the mid point of recent ranges. Any upside focus is likely to rest on a test above 1460.
  • Fresh wobbles in terms of the US equity backdrop didn't help the won, with tech indices faltered. The SOX fell 1.61% Tuesday, while the MSCI IT index lost 1.51%. To recap, the Kospi was close to flat yesterday, but offshore investors continued to return, adding a further $277.8mn to local equity markets. March to date outflows still stand at $1.08bn
  • Locally today we have a number of key annual general meetings, including for Samsung Electronics.
  • The data calendar is empty until Friday's PPI and first 20-days of March trade data prints.
  • House price rises remain a key onshore policy focus point. Acting President Choi stated "Govt will respond resolutely to prevent the spread of concerns over housing price", (per BBG, see this link). 
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Spot USD/KRW finished up at 1451.45 on Tuesday, a won loss of 0.48% and nearly offsetting all of Monday's gain. The 1 month USD/KRW NDF rose 0.41%, finishing up near 1447 in Tuesday NY trade. The won underperformed slightly softer USD index levels from Tuesday, but G10 currency gains were focused on the EU bloc. Higher beta commodity FX underperformed. 

  • Tuesday's correction higher in USD/KRW puts the pair back above its 20 (1449) and 50 day (1443.8) EMAs. Yesterday's lows were near 1440. Current levels keep us close to the mid point of recent ranges. Any upside focus is likely to rest on a test above 1460.
  • Fresh wobbles in terms of the US equity backdrop didn't help the won, with tech indices faltered. The SOX fell 1.61% Tuesday, while the MSCI IT index lost 1.51%. To recap, the Kospi was close to flat yesterday, but offshore investors continued to return, adding a further $277.8mn to local equity markets. March to date outflows still stand at $1.08bn
  • Locally today we have a number of key annual general meetings, including for Samsung Electronics.
  • The data calendar is empty until Friday's PPI and first 20-days of March trade data prints.
  • House price rises remain a key onshore policy focus point. Acting President Choi stated "Govt will respond resolutely to prevent the spread of concerns over housing price", (per BBG, see this link).