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Won Outperforms On Tech Equity Surge, But Can't Sustain 50-Day EMA Break

KRW

1 month USD/KRW found support near 1322 late in Asia Pac trade. By the NY session we got back above 1328 before closing near 1326. This was still a won gain of 0.37%. Note onshore spot finished up at 1328.75 yesterday.

  • The won benefited from the surge in tech equities, post Nvidia's earnings/positive guidance. In US trade on Thursday the SOX surged 4.97%, while the MSCI IT gained +4.21%.
  • To recap, the Kospi rose 0.41% yesterday, while offshore investors added $187.5mn to local shares.
  • For the 1 month USD/KRW we tested sub the 50-day EMA on Thursday (near 1324), but couldn't close below this level. A break sub this level could see the 100-day near 1320.5 targeted.
  • The won should be better placed to benefit from renewed tech optimism in the equity space.
  • The local data calendar just has the BoK releasing residents' FX deposit data today.
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