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USD/KRW Still Wedged Between 100 & 200 Day EMAs

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1 month USD/KRW finished the NY session close to session highs, just near 1341. The pair finished up close to 0.50% for Monday's session, so the won slightly outperformed broader USD gains (DXY +0.70%). Onshore spot ended yesterday around 1340. More broadly USD/KRW remains wedged between its 100 (1359.50) and 200 (1319.1) day EMAs.

  • The data calendar today contains retail sales and department store sales for October, which is unlikely to be a market mover.
  • The lead for the Kospi is a negative one. The SOX fell by 2.63%, while the MSCI IT was down nearly 2% overnight. To recap, the Kospi lost 1.46% yesterday, while offshore investors sold $148mn of local shares.
  • South Korean President Yoon will also hold a cabinet meeting at 10am local time to discuss whether to issue return to work orders for striking truck workers, after negotiations failed to break the deadlock.
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1 month USD/KRW finished the NY session close to session highs, just near 1341. The pair finished up close to 0.50% for Monday's session, so the won slightly outperformed broader USD gains (DXY +0.70%). Onshore spot ended yesterday around 1340. More broadly USD/KRW remains wedged between its 100 (1359.50) and 200 (1319.1) day EMAs.

  • The data calendar today contains retail sales and department store sales for October, which is unlikely to be a market mover.
  • The lead for the Kospi is a negative one. The SOX fell by 2.63%, while the MSCI IT was down nearly 2% overnight. To recap, the Kospi lost 1.46% yesterday, while offshore investors sold $148mn of local shares.
  • South Korean President Yoon will also hold a cabinet meeting at 10am local time to discuss whether to issue return to work orders for striking truck workers, after negotiations failed to break the deadlock.