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USD/KRW Probing Recent Highs Amid Tech Equity Weakness

KRW

Spot USD/KRW has gapped higher at the open, last in the 1318/19 range. This is close to highs from the start of the week (just above 1320). Note the simple 200-day MA sits slightly higher at 1323.20. Moves above this level in late Feb/early Mar were generally selling opportunities in the pair. A lot may depend though on the broader risk backdrop if such a scenario unfolds in the current context. The 1 month USD/KRW sits slightly lower, last around 1316/17.

  • Won weakness comes despite a softer USD/JPY backdrop, but risk appetite is softer in the equity space, providing a meaningful offset.
  • In early trading the Kospi is down 0.7%, following negative tech leads in US markets from Wednesday.
  • This week's soft run of US data has heightened recession fears. The South Korean Finance Minister is meeting today to discuss export measures as well, which indicates fresh concern around the external demand outlook.
  • Fresh US-China tensions over the Tsai-McCarthy are unlikely to be helping broader risk appetite either.
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