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Underperforms USD Weakness, But Avoids Fresh Test Of 200-Day MA

KRW

1 month USD/KRW was largely range bound post the Asia close. We finished the NY session just under 1317, little change versus Monday closing levels. This underperformed the generally softer USD tone elsewhere against the majors. For the 1 month USD/KRW NDF, the pair remains wedged between the simple 50-day (1302.52) and 200-day (1324.67) MAs. Note onshore spot closed yesterday at 1318.65.

  • The local data calendar remains quiet until PPI prints on Friday. The Finance minister will hold a meeting today on reforming economic rules, while the BoK Deputy Governor will attend a conference, which will focus on Korea's potential economic growth.
  • North Korea also announced that it will launch its first military reconnaissance satellite, so geopolitics could also be in focus.
  • In the equity space we had modestly positive tech related equity leads from Tuesday's session, with the SOX and MSCI IT indices firming. To recap, the Kospi slipped 0.19% yesterday, but we still had offshore investors add +$202.7mn to local shares.
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