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USD/KRW Off Highs On Tech Equity Rally, Trade & CPI Figures In Focus This Week

KRW

Friday night highs in 1 month USD/KRW were just above 1428, but we finished the session just under 1422. The won was aided into the close by firmer tech equity sentiment, which helped offset stronger USD sentiment amid a rebound in yields. Note spot ended last at 1421.60.

  • To recap, the Kospi lost 0.90% on Friday, but was still +2.5% higher for the week. Offshore investors added $800mn to local stocks for the week.
  • On the data front, just released industrial production figures for September were weaker than expected, dipping -1.8% m/m, although the August fall was revised slightly higher to -1.4%, versus the originally reported -1.8%. Y/y growth continued to slow, now at 0.8%, the softest pace in a year.
  • The cyclical leading index improved slightly to -0.1 form -0.2. Retail sales fell 1.8% m/m for September.
  • Note tomorrow trade figures print for October, also out is the manufacturing PMI print for the same month. Then CPI figures are due on Wednesday.
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