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Won Gains Top 2% In The Last Two Sessions, Q3 GDP Coming Up


1 month USD/KRW finished the NY session just above 1412.50, a gain in won terms of 1% for Wednesday. This trailed CNH gains, although on Tuesday's session the won rose 1.2%. We saw some support ahead of the 1410 level. Won bulls could target the 50-day MA at 1397, which also roughly coincides with monthly lows in the pair. On the top side the 20-day EMA sits just above 1422. Onshore spot ended yesterday's session at 1426.25.

  • Coming up shortly is Q3 GDP. The market expects a 0.3% q/q rise, (0.7% prior), which would bring y/y growth to 3.0% against 2.9% recorded in Q2.
  • The main headwind in the near term for further won gains is tech equity market weakness. The SOX fell 1.18% overnight (the first dip in 8 sessions), while the MSCI IT lost 1.85%.
  • The Kospi managed to shrug off weaker US leads yesterday though, finishing up 0.65%, as offshore investors added $383.5mn to local shares. Note Samsung Electronics releases Q3 earnings today.
  • The BoK also holds meeting (10am local time), to decide on easing collateral rules for banks.

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