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Won Tracks Recent Ranges, Trade Figures For First 20-Days Of October Due Soon

KRW

1 month USD/KRW finished the NY session just above 1430, with the pair troughing ahead of 1422 overnight. All in all, the pair remains comfortably within recent ranges. Spot onshore ended yesterday at 1432.60. Coming up shortly is the first 20-days trade data for October.

  • For the first 10-days of the month, exports fell 20.2% y/y, while imports dipped -11.3% y/y. Note late yesterday, Taiwan export orders fell -3.1% y/y, slightly better than expected, although orders to China/HK were down -27.90% y/y. South Korea's data will be eyed for broader global growth trends, and demand conditions emanating out of China.
  • Earlier, PPI pressures eased to 8.0% y/y for September, versus a revised +8.2% y/y gain in August.
  • In the equity space, semi-conductor sentiment has done better this week, with the SOX up for the past 4 sessions, albeit from very depressed levels. The MSCI IT has been more mixed, although still outperformed broader tech overnight.
  • The Kospi lost 0.8% yesterday, with offshore investors selling $117.8mn of local shares.
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