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Covid Cases Keep Soaring

KRW

Spot USD/KRW has round tripped from the session trough of KRW1,189.85 and last trades at KRW1,191.95, just a tad lower on the day. The rate is consolidating below its 50-DMA, with bears taking aim at the 100-DMA, which intersects at KRW1,187.60. Bulls look for a rebound above Feb 11 high of KRW1,201.50 towards Jan 28 high of KRW1,207.25.

  • USD/KRW 1-month NDF last seen at KRW1,192.71, a touch lower on the day. Bears look for losses past the 100-DMA at KRW1,189.22, while bulls look to a rebound above Feb 11 high of KRW1,202.60.
  • South Korea's daily Covid-19 cases soared to another all-time high of over 170k as the Omicron outbreak shows no signs of easing.
  • Vice FinMin Lee announced that South Korea would release oil from state reserves if tensions on the Ukrainian border translate into disruptions in global energy supply.
  • Sentiment among South Korean businesses improved, according to the latest BoK Business Survey. The index tracking manufacturers' confidence rose to 93 from 90 previously, still falling short of the 100 breakeven level.
  • Reminder that the BoK will deliver their monetary policy decision on Thursday.

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