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USD/KRW Wedged Between 50 and 200 Day MAs

KRW

1 month USD/KRW traded tight ranges post the Asia close, not drifting too far away from the 1320 level. We closed near this level, while onshore spot finished slightly higher at Monday's close, just above 1321. This leaves us wedged between the 50 (1314.66) and 200 (1325.82) day MAs.

  • The local data calendar is quiet today, with the goods balance, current account data for Mar printing tomorrow. Also out is the Apr unemployment rate.
  • Headlines have crossed on planned meetings between the South Korea and Japan Defence ministers in June, which comes after Japan PM Kishida's Sunday-Monday Trip to South Korea.
  • In the equity space, the lead for the Kospi today is modestly positive. The tech related indices in terms of the SOX and MSCI IT modestly outperformed boarder market trends for Monday's US session.
  • To recap, the Kospi rose 0.49% yesterday, while the Kosdaq fell by 0.33%. Offshore investors added $146.50mn to local equities.
  • China trade data due today may also see some spill over effects to the won as well.

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