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Covid Cases Remain Under 1,500 As Chuseok Holiday Approaches

KRW

Spot USD/KRW trades -4.00 figs at KRW1,171.95 as we type, trapped within yesterday's range. A deeper sell-off past Sep 10 low of KRW1,166.70 would draw bearish attention to the 50-DMA, which today kicks in at KRW1,156.40. Bulls need a move through yesterday's high of KRW1,176.95 to bring the key Aug 20 high of KRW1,181.10 into play.

  • USD/KRW 1-month NDF last seen -1.45 fig. at KRW1,172.80, with bears looking for a dip through the 50-DMA at KRW1,157.28. Bulls keep an eye on yesterday's high of KRW1,177.82, followed by Aug 20 high of KRW1,184.78.
  • Daily Covid-19 cases remained under 1,500 for the second day in a row today, but concerns about a potential resurgence during the upcoming Chuseok holiday continue to linger.
  • South Korea's export prices rose 18.6% Y/Y in August, while import prices grew 21.6%.
  • On the data front, all eyes are on the next jobs report, due for release tomorrow.
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