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KRW: Spot USD/KRW Holding Above 1450, Cross Asset Trends Mixed

KRW
EM BulletBulletSouth KoreaAPACEmerging Market News

Spot USD/KRW got to highs near 1459 after US CPI printed stronger than expected in extended Wednesday trade. We closed at 1455.25, while the 1 month NDF finished up near 1451 in Wednesday US trade. For spot USD/KRW recent ranges have held, the pair not trading above 1460 since early Feb, while the 20-day EMA support zone (near 1450) is close by on the downside. 

  • The local data calendar just has Dec money supply figures on tap today, which are unlikely to be a market mover.
  • In the cross asset space, the US yield move post the firmer US CPI print is a headwind for the won, although KRW clearly outperformed yen weakness through Wednesday's session. Global equity sentiment was mostly positive, although US markets finished down for the SPX and flat for the Nasdaq. The SOX edged up 0.21% in Wednesday trade, the MSCI IT was down a touch though.
  • To recap, the Kospi rose a further 0.37% yesterday, putting the index close to fresh highs since Nov last year. Still, the won hasn't responded much in the past week to the better onshore equity tone.
  • Locally, we will also have the Constitutional Court holding a hearing into the impeachment of President Yoon. 
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Spot USD/KRW got to highs near 1459 after US CPI printed stronger than expected in extended Wednesday trade. We closed at 1455.25, while the 1 month NDF finished up near 1451 in Wednesday US trade. For spot USD/KRW recent ranges have held, the pair not trading above 1460 since early Feb, while the 20-day EMA support zone (near 1450) is close by on the downside. 

  • The local data calendar just has Dec money supply figures on tap today, which are unlikely to be a market mover.
  • In the cross asset space, the US yield move post the firmer US CPI print is a headwind for the won, although KRW clearly outperformed yen weakness through Wednesday's session. Global equity sentiment was mostly positive, although US markets finished down for the SPX and flat for the Nasdaq. The SOX edged up 0.21% in Wednesday trade, the MSCI IT was down a touch though.
  • To recap, the Kospi rose a further 0.37% yesterday, putting the index close to fresh highs since Nov last year. Still, the won hasn't responded much in the past week to the better onshore equity tone.
  • Locally, we will also have the Constitutional Court holding a hearing into the impeachment of President Yoon.