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Cabinet Meeting Eyed

KRW

Spot USD/KRW trades flat at KRW1,168.95 as we type, after extending its winning streak to five days in a row and printing best levels in almost a year on Monday. Bulls now set their sights on Sep 28, 2020 high of KRW1,174.80 and a break here is needed to clear the way to Sep 4, 2020 high of KRW1,192.75. Bears would be pleased by a pullback under Aug 6 low/50-DMA at KRW1,140.65/1,139.86.

  • USD/KRW 1-month NDF sits +3.79 figs at KRW1,169.79. Topside focus falls on Aug 13 high of KRW1,171.21, followed by Sep 25, 2020 high of KRW1,177.65. On the flip side, initial focus falls on the 50-DMA at KRW1,141.98.
  • South Korea & the U.S. have begun their annual joint military exercise today, ignoring North Korea's protests.
  • Pres Moon will chair Cabinet meeting today at 10:00 local time. Looking further afield, South Korea's PPI will be published on Friday.
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