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USD/KRW Stuck In Familiar Ranges, BoK Minutes On Tap Today

KRW

1 month USD/KRW ended the NY session around 1305.65, lower than yesterday's local session highs near 1312. A better tone to US equities, with tech outperforming, helped offset a broadly firmer USD/US yield backdrop overnight. Dips in the pair to 1302 were supported though, while onshore spot ended yesterday at 1307.25.

  • The domestic data calendar just has money supply data on tap today, which is unlikely to move sentiment. The BoK will also release the minutes of its November policy meeting at 4pm local time as well (there were no dissenters to last month's 25bps rate hike).
  • Local equities continue to struggle to find upside momentum, although the better US overnight tone may help sentiment today. To recap, the Kospi lost 0.67% yesterday, although offshore investors added smalls to local equities. Still, net equity outflows for December are just over $1bn.
  • USD/KRW is tracing out a broad range trade at this stage, which is likely to persist today ahead of tonight's US CPI print. Support was evident late last week just under 1300. On the topside, monthly highs sit in between the 1320/25 region.

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