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Catching Up With Monday's Risk Aversion

KOREAN WON

Spot USD/KRW re-opened higher today, drawing support from yesterday's flight to safety and resultant demand for the greenback. The rate last deals +5.15 fig. at KRW1,163.15.

  • South Korean factory-gate prices continued to soften in August, per this morning's release.
  • Japan's new PM Suga wrote a letter to South Korean President Moon, expressing hope for "forward-looking" relations with Seoul, in a veiled reference to the historical issues dividing both countries.
  • Elsewhere, South Korea managed to keep its daily coronavirus case count under 100 for the second consecutive day on Monday, but questions re: some untraceable cases remained.
  • A rally above Sep 17 high of KRW1,177.85 would shift topside focus to the 50-DMA at KRW1,187.72. On the flip side, a fall through yesterday's multi-month low of KRW1,157.15 would expose Jan 14 YtD low of KRW1,150.65.
  • Focus moves to the BoK's consumer confidence gauge, due Friday.
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