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Bulls Look To Force A Close Above Downtrend Resistance

DOLLAR-WON

USD/KRW back into the recent range after its show lower during early Monday trade, with spot last hovering around KRW1,187, ever so slightly lower on the day. Support located at yesterday's low of KRW1,179.10, with resistance at the trendline drawn off the May 25 high of KRW 1,187.8.

  • A busy local data docket has seen the trade balance print a slightly wider than expected surplus, aided by a softer than consensus import reading, final Q2 GDP data provide no real deviation from the flash estimate, while the latest manufacturing PMI reading revealed another moderation in the rate of monthly deterioration, printing at 48.5.
  • Local fiscal matters are also getting some airtime, with the government unveiling a planned increase for next year's budget spending (+8.5% vs. '20), which will lift the deficit further.• CPI and BoP data headline the local docket for the remainder of the week.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsForeign Exchange Bullets

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