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KRW: USD/KRW Sub 1440 Near 50-day EMA Support, But Tariff Uncertainty Continues

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Spot USD/KRW ended extended Tuesday trade just under 1436, close to earlier lows. This was a won gain of 0.32%, following Monday's near +1.2% rise. This puts the pair within striking distance of the 50-day EMA, which is nearby at 1433.10. Broader USD trends reversed a good proportion of the earlier gains seen from Trump's earlier tariff threat on Mexico and Canada. 

  • Another Trump press conference this morning Asia Pac time, has given the USD a fresh boost, albeit modestly at this stage. Trump mentioned a 10% tariff on China and reiterated tariff threats on Mexico and Canada and stated that the EU would face tariffs. the BBDXY is +0.1% higher, while EUR and yen are 0.15-0.20% weaker. USD/CNH is back above 7.2800
  • This is likely to cause some negative spillover to the won when local markets open in a short while. USD/KRW is still some distance from the upside 20-day EMA resistance though, which comes in close to 1452.
  • Locally, we have already had the Jan consumer sentiment index print, which posted a modest rise to 91.2, from 88.2. The data calendar is empty for the rest of today.
  • BoK Governor Rhee will reportedly meet with the ruling party floor leader (per BBG/onshore media).
  • We have some local earnings results today as well. The Kospi edged down yesterday, while offshore investors sold -$159mn of local stock. The tone for global tech stocks was mostly positive on Tuesday, the SOX up over 1.2%, the MSCI IT up 0.38%. 
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Spot USD/KRW ended extended Tuesday trade just under 1436, close to earlier lows. This was a won gain of 0.32%, following Monday's near +1.2% rise. This puts the pair within striking distance of the 50-day EMA, which is nearby at 1433.10. Broader USD trends reversed a good proportion of the earlier gains seen from Trump's earlier tariff threat on Mexico and Canada. 

  • Another Trump press conference this morning Asia Pac time, has given the USD a fresh boost, albeit modestly at this stage. Trump mentioned a 10% tariff on China and reiterated tariff threats on Mexico and Canada and stated that the EU would face tariffs. the BBDXY is +0.1% higher, while EUR and yen are 0.15-0.20% weaker. USD/CNH is back above 7.2800
  • This is likely to cause some negative spillover to the won when local markets open in a short while. USD/KRW is still some distance from the upside 20-day EMA resistance though, which comes in close to 1452.
  • Locally, we have already had the Jan consumer sentiment index print, which posted a modest rise to 91.2, from 88.2. The data calendar is empty for the rest of today.
  • BoK Governor Rhee will reportedly meet with the ruling party floor leader (per BBG/onshore media).
  • We have some local earnings results today as well. The Kospi edged down yesterday, while offshore investors sold -$159mn of local stock. The tone for global tech stocks was mostly positive on Tuesday, the SOX up over 1.2%, the MSCI IT up 0.38%.