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Covid Critical Cases & Deaths Hit Record Highs, BoK Meeting Minutes Eyed

KRW

Spot USD/KRW has advanced and last operates +3.75 figs at KRW1,184.00. Bulls look to a move through Dec 6 high of KRW1,186.95, before targeting Nov 29 high of KRW1,195.70. Conversely, a dip through the 100-DMA at KRw1,172.68 would expose Oct 26 low of KRW1,164.05.

  • USD/KRW 1-month NDF sits at KRW1,183.75, just over 1 fig lower on the day. Bears look for a fall through Dec 8 low of KRW1,171.75 before taking aim at Oct 26 low of KRW1,165.03. Bulls keep an eye on Dec 6 high of KRW1,186.50 and a break here would open up Nov 26 high of KRW1,198.18.
  • South Korea's daily Covid-19 cases fell below 6,000 today but critical cases and deaths hit all-time highs.
  • The BoK will publish the minutes from their Nov 25 monetary policy meeting this afternoon. Policymakers used that occasion to raise the benchmark interest rate to 1%, with one dissenter voting against the hike.
  • On the data front, focus turns to South Korea's jobs market data, due for release tomorrow.
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