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Growth Data Points To Resilience Of South Korea's Economy

KRW

Spot USD/KRW trades at KRW1,248.85, a touch lower on the day, as the rate stabilises in the wake of yesterday's rally. Bears look for a deeper sell-off past Apr 14 low at KRW1,222.95 and the 50-DMA at KRW1,219.11. On the topside, focus falls on Mar 19 high of KRW1,296.75.

  • USD/KRW 1-month NDF last seen at KRW1,249.60, slightly below neutral levels. Bears look for losses past Apr 13 low of KRW1,222.27, while bulls look to a bounce above Apr 25 high of KRW1,253.60.
  • President-elect (and China hawk) Yoon told the WSJ that he would "positively review" the idea of applying for membership in the U.S.-led Quad alliance if invited, although he does not expect such invitation any time soon.
  • Separately, Korea Economic Daily reported that South Korea's Finance Minister nominee Choo is planning to trim the top rate of corporate tax to improve the international competitiveness of domestic economy.
  • South Korea's economy grew 3.1% Y/Y in the first quarter of this year, advance data showed. Annual expansion was slower than in 4Q2021 (+4.2% Y/Y) but narrowly topped the median estimate of +3.0% Y/Y.
  • Looking further afield, the BoK will release its consumer confidence data tomorrow.
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