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Won Outperforms On Firmer CNH/Better Tech Equities

KRW

1 month USD/KRW got sub 1330 post the Asia close on Friday. We finished up at 1333.60. The pair remains within recent ranges, with resistance above 1340 evident, while dips sub the 20-day EMA support level (~1327.40) have not been sustained in recent weeks. Note onshore spot closed at 1336.75 on Friday.

  • The 1 month NDF rallied 0.41% in won terms on Friday, outperforming broader USD indices. Some positive spill over from a firmer CNH/China equity backdrop likely helped at the margins.
  • Tech related equities also outperformed in US trade, the SOX up 0.79%, the MSCI IT index nearly +0.30%.
  • This followed a softer close for the Kospi on Friday, down -0.27%, while offshore investors sold -$98.5mn on Friday, bringing weekly outflows from local stocks to -$789.6mn.
  • The local data calendar is empty until tomorrow's September consumer confidence print. Retail sales/Department store sales are also due this week.
  • Later today, BoK Governor Rhee will hold a meeting with the heads of local banks (6pm local time).
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