USD/KRW Still Wedged Between 100 & 200 Day EMAs
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.