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Covid Cases Elevated Before Tighter Curbs Take Effect

KRW

Spot USD/KRW sits at KRW1,184.75, marginally above neutral levels. A break above Dec 6/15 highs of KRW1,186.95/1,187.15 would shift focus to Nov 29 high of KRW1,195.70. Conversely, bearish focus falls on the 100-DMA, which intersects at KRW1,173.67.

  • USD/KRW 1-month NDF last seen at KRW1,184.15, ~1.5 fig better off. A break below the 100-DMA at KRW1,176.43 would open up Dec 8 low of KRW1,171.75. Bulls need a jump above Dec 15 high of KRW1,190.71 before targeting Nov 26 high of KRW1,198.18.
  • South Korea's daily Covid-19 cases moderated from yesterday's 7,622 but stayed above the 7,000 mark. The number of critically ill patients remained elevated but was a touch smaller than Thursday's all-time high.
  • FinMin Hong held a briefing today, he noted that the government will spend KRW3.2tn to help small businesses affected by Covid-19.
  • Preliminary trade report covering the first 20 days of the month will take focus on the data front next week, alongside monthly PPI.
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