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Won Weighed By Equity Tech Pullback, BoK Minutes Out Later Today

KRW

1 month USD/KRW spent most of the post Asia close pushing higher, albeit still well within recent ranges. The pair ended the NY session near 1231.50. Note onshore spot ended yesterday at 1227.40. The tech equity space corrected, as part of a broader correction in equities, which supported USD sentiment.

  • On the data front, IP figures for Dec have already printed, coming in weaker than expected. The m/m print fell -2.9% (-0.2% forecast), while the y/y pace eased to -7.3%, also a touch below market expectations (-7.1%). We are at the weakest levels since early 2020 for the y/y print. The cyclical leading indicator eased to -0.5 for December from -0.2.
  • To recap, the Kospi fell 1.35% yesterday, while the MSCI tech index was down 1.7% in Monday trade and the SOX fell 2.58%. Offshore investors sold ~$10mn of local stocks yesterday.
  • Note Samsung Electronics reports earnings today, with the analyst call at 10am local time.
  • The BoK minutes from the Jan meeting will also be out at 4pm local time.
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