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A Beat In Industrial Output Supports KRW

KOREAN WON

Spot USD/KRW reopened on a softer note, last sits -5.00 fig. at KRW1,189.40, off earlier lows. The rate showed at its worst levels since mid-March, playing catch up to yesterday's USD sell-off, inspired by jitters surrounding the POTUS' tweet calling for a delay to November election & expectedly horrific U.S. GDP figures. In addition, KRW drew some support from above-forecast South Korean industrial output data for June.

  • Vice FinMin Kim commented that upbeat factory output figures raise the possibility of an economic rebound in Q3. On a M/M basis, production increased 7.2% vs. exp. of a 2.3% rise.
  • A fall through the nearby Mar 11 low of KRW1,186.40 would please bears, opening up Mar 5 low of KRW1,179.90, followed by Feb 12 low of KRW1,176.40. Bulls need a push through the 200-DMA at KRW1,197.11 before targeting Jul 28 high of KRW1,202.50.
  • South Korea reports its July trade data on Saturday.
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