Won Follows Broader USD Sentiment, First 20-days Of Feb Trade Data Out Soon

1 month USD/KRW remains within recent ranges. From Asia session highs around 1337 we pulled back to 1330 by the NY session as broader USD sentiment softened amidst a yield pull back. We firmed back close to 1332 by the end of the session, as weaker US equity sentiment aided the dollar. Note onshore spot finished yesterday at 1337.5.

• Coming up shortly we have the first 20-days of trade data for Feb. Focus will be on export trends, with the first 10-days data of the month impacted by China's LNY.
• Earlier we had Mar manufacturing and non-manufacturing sentiment readings, with both series improving. Manufacturing is back to 75 form 71 (Feb reading). This is the highest print since late 2022. This, along with yesterday's nudge higher in consumer sentiment, suggests a resilient near term growth backdrop.
• In the equity space, we the SOX down 1.56%, while the MSCI IT fell by 1.26% for Tuesday's session. Tech/chips underperformed ahead of key earnings from bellwether Nvidia on Wednesday.
• To recap, the Kospi fell 0.84% yesterday, although offshore investors adding $143.1mn to local stocks.