Continued Recovery In South Korean Exports Helps KRW, Despite Virus Worry

USD/KRW slipped amid broader greenback sales and continued recovery in South Korea's exports. Lingering virus concerns and recent South Korean MoF jawboning may have limited losses, preventing the pair from threatening to attack cycle lows. It last changes hands -1.75 fig. at KRW1,112.40.

• South Korea's exports rose 11% Y/Y in the first 20 days on the month, with average daily shipments increasing 7.6%, with solid jumps in semiconductor & wireless communication device exports boosting the headline figure.
• South Korea's daily coronavirus case count fell below 300 today, but the broader trend remains worrying. The greater Seoul will be placed under stricter social restrictions on Tuesday. Distancing guidelines in the area will be raised to level 2 in the nation's five-tier system.
• Chinese Foreign Min Wang will start his three-day visit to Seoul on Wednesday and will discuss a range of issues with his counterpart, possibly including a potential visit of Chinese Pres Xi to South Korea.
• Bears need losses past Nov 18 low of KRW1,103.90 to bring the psychological KRW1,100.00 level into view. Bulls look for a jump above Nov 20 high of KRW1,116.75 before targeting channel top at KRW1,122.19.
• On the data front, focus moves to the BoK's sentiment gauges. Consumer confidence comes out tomorrow, while Business survey hits on Wednesday. On Thursday, the BoK will deliver its MonPol decision and the main policy rate is expected to stay unch., as flagged in our BoK preview.