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USD/KRW Rebounds +1.25% Overnight

KRW

1 month USD/KRW had a decent rebound from overnight lows just under 1355, with the pair finishing up near 1371 by the NY close. This puts the pair back above the 100-day EMA (1366.81). On the topside, the 50-day is back at 1398.34. Note onshore spot closed yesterday at 1364.75. Today's local data calendar is quiet.

  • The backdrop for local equities is clearly less positive today, with the SOX off 3.14%, MSCI IT -2.53%, breaking a 3-day winning streak.
  • The Kospi was +1% higher yesterday and is now +12.50% above end September lows. Offshore investors added +$313.1mn to local shares yesterday, bringing weekly net flows to $725.7mn.
  • The South Korean authorities are also announcing measures to stabilize the housing market. A meeting is currently underway chaired by Finance Minister Choo. Headlines so far indicate some mortgage rules will be eased in December, while loan guarantees will be expanded for real estate projects (see this link for more details).

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