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MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

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AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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Won Underperforms Dollar Rebound On Tech Equity Slump

KRW

The 1 month KRW NDF lost nearly 1.5% for Tuesday's session. We closed in NY trade near 1308.50. Tuesday highs in the pair were near 1312. The underperformance of tech related equities, amid a rise in core yields, drove won underperformance. The BBDXY finished up 0.71%. Note spot USD/KRW ended yesterday's session at 1300.55.

  • For the 1month NDF the 100 and 200 day EMAs are in the 1311/1312 region, so close to Tuesday highs. A break above this level could see Dec highs around 1325 targeted. On the downside the 20-day EMA sits back near 1299.
  • In the equity space, the SOX slumped 3.65% in Tuesday US trade, while the MSCI IT fell by 2.61%, underperforming broader US losses. US real yields (10yr) sit 10bps above late 2023 lows.
  • To recap, the Kospi finished 0.55% higher near 2670 yesterday. This is fresh highs in the index back to mid 2022. Offshore investors added $265.8mn to local stocks.
  • The local data calendar is quiet, with FX reserves for Dec out early tomorrow.
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