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USD/KRW Consolidates

KRW

1 month USD/KRW spent much of the post Asia close consolidating between the 1320/1330 region. We finished near 1323.40, which is 0.75% higher for Monday's session, slightly stronger gains than seen for the USD indices. Onshore spot ended yesterday at 1326.05. Yesterday’s lows were just under 1310

  • The equity lead is less positive today, as US equities faltered overnight, particularly towards the end of the session. The SOX lost 1.37%, the MSCI IT 1.31%.
  • To recap, the Kospi finished down by 0.34% yesterday, but offshore investors still added a further $90.4mn to local shares.
  • Earlier, export prices rose +13.7% y/y in October (14.7% prior), while import prices printed a +19.8% gain (24.2% prior). The wedge between the two series is declining, which is indicative of a less adverse terms of trade backdrop.
  • Later on, money supply figures are due, which shouldn't move market sentiment. BoK board member Suh Young-kyung will speak at an event at 4pm local time.
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