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KRW: USD/KRW Near 1440, Local Equities Continue To Track Higher

KRW
EM BulletBulletSouth KoreaAPACEmerging Market News

Spot USD/KRW ended Tuesday trade at 1440.65, just above the 50-day EMA support zone. Dips sub 1440 were supported, but a modest won gain for Tuesday's session outperformed generally firmer USD trends seen elsewhere. The 1 month NDF finished up just under 1440, up from NY session lows near 1436. 

  • The won outperformed, albeit at the margins, softer CNH and JPY trends against the USD seen through Tuesday. The rebound in US yields, despite mixed US data, aided broader USD gains.
  • On the topside for spot USD/KRW, we have the 20-day EMA resistance around 1447.6. A clean break sub 1440 could see late Jan lows around 1426.8 targeted.
  • In the equity space, to recap, the Kospi rose a further 0.63% in Tuesday trade, to be up near 2627 in index terms. This is highs going back to Oct last year. Still, foreign participation is lacking (week to date outflows have still been -$129.2mn). Global tech related indices rose in Tuesday trade, the SOX up over 1.6% (although US markets were shut on Monday), while the MSCI IT index gained 0.45%.
  • The local data calendar is empty today, but tomorrow delivers the PPI and consumer sentiment readings.
  • Next week, we have the BoK meeting. Late yesterday, BoK Governor Rhee stated late yesterday the central bank is in an easing cycle and will study a host of factors, per BBG - "currency, economic momentum, inflation, financial stability, and the economic outlook" will be looked at. 
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Spot USD/KRW ended Tuesday trade at 1440.65, just above the 50-day EMA support zone. Dips sub 1440 were supported, but a modest won gain for Tuesday's session outperformed generally firmer USD trends seen elsewhere. The 1 month NDF finished up just under 1440, up from NY session lows near 1436. 

  • The won outperformed, albeit at the margins, softer CNH and JPY trends against the USD seen through Tuesday. The rebound in US yields, despite mixed US data, aided broader USD gains.
  • On the topside for spot USD/KRW, we have the 20-day EMA resistance around 1447.6. A clean break sub 1440 could see late Jan lows around 1426.8 targeted.
  • In the equity space, to recap, the Kospi rose a further 0.63% in Tuesday trade, to be up near 2627 in index terms. This is highs going back to Oct last year. Still, foreign participation is lacking (week to date outflows have still been -$129.2mn). Global tech related indices rose in Tuesday trade, the SOX up over 1.6% (although US markets were shut on Monday), while the MSCI IT index gained 0.45%.
  • The local data calendar is empty today, but tomorrow delivers the PPI and consumer sentiment readings.
  • Next week, we have the BoK meeting. Late yesterday, BoK Governor Rhee stated late yesterday the central bank is in an easing cycle and will study a host of factors, per BBG - "currency, economic momentum, inflation, financial stability, and the economic outlook" will be looked at.