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USD/KRW 1 Month Maintains Recent Ranges, July Trade Data Out Today

KRW

1 month USD/KRW mostly tracked higher post the Asia close on Monday. The pair finished up the NY session close to 1276.30, not too far off session highs. Lows in early trade yesterday were sub the 1268 level. These moves leave us within recent ranges for the pair. Note onshore spot finished Monday at 1274.55.

  • The lead from offshore equities is modestly positive today, with the SOX and MSCI IT up in Monday US trade. Both indices climbed amid 0.25%, amid mostly positive equity trends.
  • This follows strong gains for South Korea shares yesterday, with the Kospi up nearly 1% (Kosdaq +2.43%). Offshore investors were still sellers of local equities though for the final trading day of July (-$264.8mn).
  • Today on the data front we have July trade data. The market looks for -15.0% y/y for exports (prior was -6.0%), while for imports the projection is -25% y/y (prior -11.7%), which would take the trade position to a $2600mn surplus (prior $1126mn). If realized this would be the highest trade surplus since late 2021.
  • Also out is the July PMI, the prior read was 47.8. Tomorrow delivers July CPI.
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