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Won Outperforming Broader Dollar Pullback

KRW

1 month USD/KRW has fallen sharply since the open, dipping back to 1405, which is fresh lows in the pair back to September 23rd. We have stabilized somewhat, but for the won this is close to a 0.80% gain since the NY close, which is better than gains seen in the G10 space (where NZD is the best performer at +0.60%).

  • We are below the 20-day MA, which comes in close to 1407, for the first time since mid August. Around 1399 may be the next downside target, as this was a low from the 22nd of September.
  • The won is riding the better equity market tone. The Kospi is up just over 1%, the Kosdaq +1.80%, so far today. Higher US equity futures are no doubt helping.
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