South Korea & U.S. Working On Biden Visit, North Korea Expected To Hold Military Parade

Spot USD/KRW printed a new cycle high this morning and after trimming gains sits +5.55 figs at KRW1,244.55. Bulls look for a further run past Mar 23, 2020 high of KRW1,282.60 towards Mar 19, 2020 high of KRW1,296.75. On the flip side, a dip through Apr 14 low of KRW1,222.95 would bring the 50-DMA at KRW1,218.00 into play.

• USD/KRW 1-month NDF last seen at KRW1,244.74, a touch higher on the day. Bulls keep an eye on Mar 15 cycle high of KRW1,247.94, while bears look for a pullback under Apr 13 low/50-DMA at KRW1,222.27/1,219.75.
• Yonhap sources reported that the White House has sent an envoy to Seoul to prepare a summit between the POTUS and South Korea's President-elect Yoon next month. In a separate report, the news agency noted that Yoon is seeking to mend ties with Japan ahead of Biden's visit and has despatched a group of lawmakers and officials to Tokyo to that effect.
• North Korea's army celebrates that 90th anniversary of its founding and is expected to hold a military parade (although it reportedly has not yet taken place). Pyongyang historically used such parades to display new weapons systems.
• Advance GDP data (Tuesday), consumer confidence (Wednesday), BoK Business Survey (Thursday) & industrial output (Friday) take focus this week.