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USD/KRW Tracks Recent Ranges, Headline CPI Expected To Moderate Next Week

KRW

USD/KRW 1 month got close to 1425 overnight, but we ended the NY session just above 1421. Yesterday's range was roughly 1415/1425, while onshore spot ended the session at 1417.70. A broad turnaround in the USD, coupled with a softer equity tone dampened won sentiment but we remain very much within recent ranges.

  • US tech futures are down, following disappointing earnings results. We also had the SOX (-1.50%), and the MSCI IT (- 1.09%) lose ground overnight. Yesterday, the Kospi rose +1.74%. Note further earning results are due for the local bourse today.
  • Offshore investors added $357.2mn in net inflows yesterday, bringing week to date inflows to $907.4mn. For October as a whole net inflows are just above $2bn.
  • Earlier, the South Korea Finance Minister stated October inflation likely eased back to a 5% level for the second consecutive month, mainly due to lower oil prices. Note this data prints next Wednesday.
  • Also out next week is October trade figures, due Tuesday.
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