Tracks Recent Ranges, Chip Stocks May Receive Boost From Upbeat Micron Forecast

1 month USD/KRW had a relatively quiet session post the Asia close, with a 4 won range (roughly 1294/1298). We finished the NY session near 1295. Note onshore spot ended yesterday slightly higher at 1298.95.

• Earlier we had consumer confidence rise to 9 month highs, while inflation expectations edged down a touch (see this link for more details).
• The data calendar is quiet until tomorrow's manufacturing and non-manufacturing business sentiment readings from the BoK print.
• Earlier, Financial Supervisory Service Governor Lee Bokhyun gave a wide ranging interview. South Korea needs to do more to achieve a MSCI DM upgrade and inclusion in the WGBI is a realistic 2023 goal, but is unlikely to happen in March. The Governor also stated the short-selling ban could be lifted this year.
• In the equity space, the lead from tech related indices was negative from Tuesday's US session. Although like elsewhere, the SOX and MSCI IT indices finished above session lows. US chip maker Micron was also higher in after-hours trading, after the company upgraded its Q3 sales forecast (see this link). This could spill over into chip makers in Asia today.
• To recap, the Kospi rose just over 1% yesterday, although offshore investors were net sellers to the tune of -$120.7mn of local shares.