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Free AccessWon Lost Ground Last Week, But Remains Within Recent Ranges
1 month USD/KRW got above 1355 post the Asia close on Friday, but found selling interest above this level on a number of occasions. We closed at 1354.20, a won loss of 0.20%. Note onshore spot closed on Friday at 1355.90, so not too far away from this level.
- The won lost ground last week, but remains within recent ranges. Moves above 1358 drew selling interest, but dips sub 1340 were supported. Note the 20-day EMA sits at 1347.65, but the 50-day has arguably been a more important point in recent weeks, which comes in at 1338.25.
- The local data calendar may see retail sales/department store sales print today (or tomorrow), but more focus will rest on tomorrow's IP figures for September. Later in the week October trade figures and the CPI also print.
- The broader equity backdrop was negative to end last week, with major US and EU indices down. In the tech space, we saw some outperformance. The SOX rose just over 1.2%, the MSCI IT index gained 0.56%.
- To recap, the Kospi rose 0.16% on Friday (putting the index back above the 2300 level). Offshore investors still sold $270.1mn of local shares, taking last week's net outflow to -$1117.3mn.
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Why MNI
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