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Won Rebound By Better Tech Equity Tone, 1 Month NDF Near 20-day EMA

KRW

1 month USD/KRW continued to track lower post the Asia close on Wednesday, getting close to 1328 by late in NY trade. The 1 month NDF gained 0.80%, largely reversing Tuesday's losses. We ended near 1329, leaving the pair comfortably within recent ranges. Note onshore spot ended yesterday at 1335.35.

  • For the 1 month NDF, closing NY levels from Wednesday were close to 20-day EMA. The 50-day sits further south, near 1322.50, although we haven't been sub this level in any meaningful way since the beginning of this year. Post US CPI highs just above 1340 are the levels in focus on the upside.
  • The better equity tone in global markets helped won sentiment through Wednesday trade. Note the SOX rose over 2.10%, the MSCI IT gained 1.15% in Wednesday trade. The first gains for these indices this week.
  • To recap, the Kospi lost 1.1% yesterday but offshore investor flows were modestly positive (+$37.8mn).
  • The data calendar is empty today, we get trade prices and unemployment figures tomorrow for Jan.
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