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BoK Gov Lee Sees Economic Trend In Line With Expectations, Flags Heightened Uncertainty

KRW

Spot USD/KRW reopened on a firmer footing and last changes hands +4.10 figs at KRW1,184.90. An earlier attack at Nov 5 high of KRW1,186.65 has inspired bullish appetite for a rally towards Oct 12 high of KRW1,200.35. Conversely, a pullback under the 50-DMA at KRW1,176.35 would turn focus to Oct 26 low of KRW1,164.05.

  • USD/KRW 1-month NDF last seen at KRW1,186.26, little changed on the day. Bulls see Nov 4 high of KRW1,188.75 as their initial target and a break here would expose Oct 12 high of KRW1,201.63. Bears look for sales past the 50-DMA at KRW1,179.81 before targeting the 100-DMA/Oct 26 low at KRW1,165.78/1,165.03.
  • BoK Gov Lee said that the economy is in line with expectations amid continued growth in exports and a pick-up in consumption. The Governor noted that CPI may remain higher than expected for some time, while pointing to increased uncertainty surrounding inflation outlook.
  • South Korea's daily average exports rose 14.1% Y/Y in the first 10 days of the month, while chip exports growth registered at +45.3%. Overall shipments rose 29.3%, while imports grew 59.0%.

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