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CORRECTION: Surging Chip Shipments Support South Korean Exports In First 10 Days Of September

KOREAN WON
Spot USD/KRW continues to ride the tide of broader risk appetite amid little in the way of noteworthy domestic catalysts. A fallout from a weak session at Wall Street pushed the pair higher at the re-open of onshore trade and it last deals +3.60 fig. at KRW1,188.50.
  • South Korean exports fell just 0.2% Y/Y in the first 10 days of the month, amid a 43.2% surge in chip shipments, albeit daily average exports fell 11.9%. Relatively healthy exports to China also stood out. Imports fell 7.6%.
  • Bulls keep an eye on the descending 50-DMA, today intersecting at KRW1,191.59, after the rate found itself within touching distance from that moving average this month. A break here would draw attention to Aug 3 high of KRW1,196.05. Bears need a break under Aug 31 low of KRW1,179.10 to see a resumption of the downtrend and bring Feb 12 low of KRW1,176.40 into play.
  • South Korea's terms of trade will be published on Tuesday.
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