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KRW: Spot Wedged Between 20 & 50-day EMAs, Equities Up, But No Offshore Buying

KRW
EM BulletBulletSouth KoreaAPACEmerging Market News

Spot USD/KRW is a higher in the first part of Tuesday dealings. The recent test sub the 50-day EMA support zone (near 1439.6) has held. We were last close to 1444, around 0.10%A weaker in won terms versus end Monday levels. On the topside, note resistance could be seen close to 1448 (the 20-day EMA). 

  • The won is taking cues from broader USD trends at this stage. USD indices have ticked higher, as cash Tsy trading resumes and we have a slightly better yield tone (with the 10yr back above 4.50%). Fed comments pointed to a steady policy rate backdrop in the near term.
  • In the equity space, the Kospi continues to build on recent gains, up a further 0.35% today and above the 2600 level. This is fresh highs back to Oct last year, and through the simple 200-day MA.
  • Offshore investors haven't been sponsors of this rally though. This may be limiting spillover from the stronger equity backdrop to the won.
  • BoK Governor Rhee is in parliament today, while in a short while we get Q4 household credit data, a BOK watch point in terms of financial stability. 

 

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Spot USD/KRW is a higher in the first part of Tuesday dealings. The recent test sub the 50-day EMA support zone (near 1439.6) has held. We were last close to 1444, around 0.10%A weaker in won terms versus end Monday levels. On the topside, note resistance could be seen close to 1448 (the 20-day EMA). 

  • The won is taking cues from broader USD trends at this stage. USD indices have ticked higher, as cash Tsy trading resumes and we have a slightly better yield tone (with the 10yr back above 4.50%). Fed comments pointed to a steady policy rate backdrop in the near term.
  • In the equity space, the Kospi continues to build on recent gains, up a further 0.35% today and above the 2600 level. This is fresh highs back to Oct last year, and through the simple 200-day MA.
  • Offshore investors haven't been sponsors of this rally though. This may be limiting spillover from the stronger equity backdrop to the won.
  • BoK Governor Rhee is in parliament today, while in a short while we get Q4 household credit data, a BOK watch point in terms of financial stability.