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USD/KRW Maintains Recent Ranges, FX Reserve Drop Slows In October

KRW

1 month USD/KRW found support ahead of the 1410 level overnight, which is around lows from late October. We finished closer to 1425, amid a broad USD rally late in the NY session. Recent highs in the pair have come close to the 1430 level. Note onshore spot ended yesterday at 1417.65.

  • The equity lead for the Kospi today is a negative one, as tech shares faltered overnight (SOX -3.09%, MSCI IT - 3.34%). Yesterday the Kospi edged higher, while offshore investors added +$327.4mn to local shares.
  • The South Korean authorities (including the BoK Governor) are currently having their usual post FOMC meeting at the moment, so be mindful of headlines from that.
  • Earlier, South Korean FX reserves slid further in October to $414.01bn, from $416.77bn. This is a much more modest drop compared to September's though ~$20bn. The data calendar is now quiet until next week.
  • Credit markets could also be eyed today, as onshore commercial paper yields continue to spike. A local insurer delayed buying back perpetual bonds yesterday, citing market conditions/volatility.
  • Geopolitical tensions could be the other focus point, given the large number of missiles launched by North Korea yesterday and a further launch this morning.
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