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KRW: USD/KRW Supported Sub 1460, RSI No Longer Overbought But Still Elevated

KRW
EM BulletBulletSouth KoreaAPACEmerging Market News

Spot USD/KRW pulled back to just under 1456 post the Asia close on Monday. Won sentiment was aided by Trump tariff headlines, along with positive spill over to global equity market sentiment. We rebounded as Trump denied any watering down on tariff plans. We finished extended Monday trade at 1460.55. This was a won gain of 0.70%, so slightly better than the broader USD index falls of 0.60-0.65%. Early Tuesday trends are seeing a modest uptick in USD/KRW, the pair last near 1465. 

  • For spot USD/KRW we are now back sub overbought conditions per RSI (14), with the reading back under 70, albeit just. Still, the 20-day EMA is back near 1448, so we remain comfortably above this support zone still.
  • Onshore political turmoil continues, with the opposition party filing a complaint against acting President Choi, while a court is reportedly considering extending the arrest warrant for President Yoon (per BBG). Local media is also reporting that North Korea may launch an ICBM before Trump's inauguration, which would be the first such launch since Oct last year.
  • The local equity backdrop is positive, with the Kospi up +0.80% in early Tuesday trade, putting the index back above 2500 and to levels last seen in late Nov. Tech gains lead US markets, with bellwether Nvidia closing at an all time high. Offshore investors added +144.3mn to local South Korean shares yesterday.
  • The data calendar is quiet today, the Nov goods and current account balance prints tomorrow. 
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Spot USD/KRW pulled back to just under 1456 post the Asia close on Monday. Won sentiment was aided by Trump tariff headlines, along with positive spill over to global equity market sentiment. We rebounded as Trump denied any watering down on tariff plans. We finished extended Monday trade at 1460.55. This was a won gain of 0.70%, so slightly better than the broader USD index falls of 0.60-0.65%. Early Tuesday trends are seeing a modest uptick in USD/KRW, the pair last near 1465. 

  • For spot USD/KRW we are now back sub overbought conditions per RSI (14), with the reading back under 70, albeit just. Still, the 20-day EMA is back near 1448, so we remain comfortably above this support zone still.
  • Onshore political turmoil continues, with the opposition party filing a complaint against acting President Choi, while a court is reportedly considering extending the arrest warrant for President Yoon (per BBG). Local media is also reporting that North Korea may launch an ICBM before Trump's inauguration, which would be the first such launch since Oct last year.
  • The local equity backdrop is positive, with the Kospi up +0.80% in early Tuesday trade, putting the index back above 2500 and to levels last seen in late Nov. Tech gains lead US markets, with bellwether Nvidia closing at an all time high. Offshore investors added +144.3mn to local South Korean shares yesterday.
  • The data calendar is quiet today, the Nov goods and current account balance prints tomorrow.