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Won Nearing Recent Cycle Lows

KRW

Spot USD/KRW trades +3.55 figs at KRW1,242.05 at typing, with bulls setting their sights on KRW1,244, a recent cycle high printed on Mar 15. Bears need a pullback under Apr 14 low of KRW1,222.95 to get some reprieve before targeting the 50-DMA at KRW1,217.10.

  • USD/KRW 1-month NDF last seen at KRW1,241.92, a touch lower on the day. Bears look for losses towards Apr 13 low/50-DMA at KRW1,222.27/1,218.77, while bulls keep an eye on Mar 15 high of KRW1,247.94.
  • South Korea's advance Q1 GDP will hit the wires on Tuesday, providing the highlight of next week's data docket. Business/consumer sentiment gauges and industrial output are also due.
  • On the political front, government sources told Yonhap that U.S. President Biden will likely visit Seoul on May 20-22 to meet with new South Korean President Yoon.
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