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USD/KRW Finding Selling Interest Above 1330, First 20-days Trade Data Out Tomorrow

KRW

1 month USD/KW has respected ranges from the Wednesday NY session, largely in a 1325/1330 range so far today. We currently sit at the bottom end of this range, which is very close to the simple 200-day MA (1324.62 based off Wednesday's closing levels). Spot is slightly higher at 1327/28, versus an earlier high of 1332.35.

  • Cross asset leads are negative in terms of weaker higher beta FX (especially NZD) and a softer equity backdrop. The Kospi is off by 0.20%, with offshore investors selling -$219.3mn of local equities so far today. US futures are also weaker.
  • Tomorrow March PPI prints, along with the first 20-days trade data for April.

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