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USD/KRW 1 Month Firms, But Remains Sub 1370, First 10-days Trade Data Out Today

KRW

1 month USD/KRW finished up Friday's NY session near 1369, a won loss 0.38%. We spent most of last week regaining ground in the pair, as broader USD sentiment stabilized. Weakness in JPY and CNH also weighed on the won. Note onshore spot finished up at 1368.05 on Friday.

  • We remain above the 20-day EMA (1366.5) for USD/KRW 1 month, although upside moves beyond 1370 have not been evident since early May. Note on the downside the 50-day EMA is near 1356.
  • In the cross asset space, we had mixed US equity sentiment on Friday, although the SOX and MSCI IT indices rose, outperforming broader trends.
  • US yields were firmer amid rising consumer inflation expectations, which helped broader USD sentiment. The real 10yr yield ticked up to 2.16%, still off recent highs though.
  • To recap, the Kospi ended last week above 2700, while offshore investors added just over $1bn to local stocks.
  • Today on the data front we have the first 10-days of trade figures for May.
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