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KRW: Spot USD/KRW Eyeing 50-day EMA Support Test, Global Equity Rally Aiding Won

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Spot USD/KRW is tracking lower in early Friday dealings, last near 1442, up around 0.45% in won terms versus end levels yesterday. Today's session lows rests at 1440.8, which is fresh lows for Feb to date. The won is benefiting from broader USD softness, while global equities posted solid gains in Thursday trade. Tech related indices posted gains above 1%.  

  •  For spot USD/KRW we sub the 20-day EMA (near 1449), while the 50-day support point isn't too far away on the downside near 1439.
  • A reciprocal tariff announcement pushed to early April has been seen as a win by the market, as it is still some distance away and allows negotiations to take place in the interim.
  • The USD BBDXY index is back to mid Dec levels, with a softer US yield backdrop on Thursday also weighing, as the market digested the PPI print.
  • The Kospi has opened higher this morning, last up +0.20%, putting the index near 2590, fresh highs since early Nov last year. Offshore investors have been modest sellers of local equities so far this week though.
  • On the data front, South Korea’s unemployment rate for January came in much lower than forecast. This will feed into BoK thinking, with recent comments from Governor Rhee more balanced around the rate cut outlook. The next meeting is Feb 25. 
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Spot USD/KRW is tracking lower in early Friday dealings, last near 1442, up around 0.45% in won terms versus end levels yesterday. Today's session lows rests at 1440.8, which is fresh lows for Feb to date. The won is benefiting from broader USD softness, while global equities posted solid gains in Thursday trade. Tech related indices posted gains above 1%.  

  •  For spot USD/KRW we sub the 20-day EMA (near 1449), while the 50-day support point isn't too far away on the downside near 1439.
  • A reciprocal tariff announcement pushed to early April has been seen as a win by the market, as it is still some distance away and allows negotiations to take place in the interim.
  • The USD BBDXY index is back to mid Dec levels, with a softer US yield backdrop on Thursday also weighing, as the market digested the PPI print.
  • The Kospi has opened higher this morning, last up +0.20%, putting the index near 2590, fresh highs since early Nov last year. Offshore investors have been modest sellers of local equities so far this week though.
  • On the data front, South Korea’s unemployment rate for January came in much lower than forecast. This will feed into BoK thinking, with recent comments from Governor Rhee more balanced around the rate cut outlook. The next meeting is Feb 25.