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USD/KRW Biased Higher Amid Continued Equity Outflows, Weaker Yen

KRW

Spot USD/KRW is gravitating higher, the pair last around 1337. Earlier lows were at 1328.15. We are around 040% weaker, while the 1 month NDF has fallen 0.70%.

  • Equity sentiment is weaker, the Kospi off 0.50%, unable to hold earlier positive gains. Broader North East Asia equity sentiment is mostly negative, with weaker China earnings a headwind.
  • Offshore investors remain net sellers of local South Korean stocks, with week to date outflows almost at -$1bn. The is the largest weekly outflow since the start of the month.
  • This, along with modest USD gains against the majors (particularly yen, which is off 0.3%), is hurting the won.
  • Upside focus in the pair will rest with recent highs near 1344. Just above this level is the simple 200-day MA.
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