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Back From The Long Weekend

KOREAN WON

Spot USD/KRW has been offered as onshore markets re-opened after a five-day hiatus. The DXY wrapped up last week just shy of Tuesday's close, but today it has headed lower again. Previously flagged optimism surrounding U.S. fiscal matters/U.S. Pres Trump's health has applied pressure to USD/KRW, which now trades -5.85 fig. at KRW1,163.75.

  • South Korea's Markit M'fing PMI improved to 49.8 from 48.5, thus failing to return into expansion, just.
  • U.S. Sec of State postponed his visit to South Korea, originally scheduled for this week.
  • Worth noting that the 100-DMA has now crossed below the 200-DMA, sending a bearish signal.
  • On the downside, initial focus falls on Sep 21 multi-month low of KRW1,157.15 and a break here would give bears a green light for targeting Jan 14 low of KRW1,150.65. Conversely, a clearance of Sep 28 high of KRW1,174.80 would bring the 50-DMA at KRW1,183.73 into view.
  • South Korean CPI, due tomorrow, is the main point of note on this week's docket, with BoP current account balance coming up on Thursday.
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