USD/KRW 1 Month Rebounds As Tech Equities Fall

1 month USD/KRW tracked higher post the Asia close, getting to 1320, before spending the rest of the session in a 1315/1320 range. The pair finished the NY session just above 1318. The simple 50-day MA isn't too far away at 1317.50. Note onshore spot ended yesterday's session at 1312.50.

• Headwinds for the won have risen over the past 24 hours, with tech equities losing some momentum, while USD/CNH continued to rebound. This comes after the pair hit fresh multi-week lows close to 1306 yesterday.
• Still, the won has outperformed this recent run higher in USD/CNH.
• To recap, the MSCI IT index lost 1.51% in Tuesday trade, the SOX down 1.17%, with broader equity sentiment faltering amid little signs of debt ceiling progress in the US.
• The Kospi rose 0.41% yesterday, while offshore investors added $4.8mn to local shares, some slowdown on the recent pace of inflows.
• On the data front, we have already had manufacturing and non-manufacturing sentiment prints for June, both ticking higher to 73 from 72 for manufacturing, 78, versus 76 for non-manufacturing.
• Later on, Q1 short-term external debt prints.