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Daily Covid-19 Cases Hit Fresh All-Time High, Fiscal Wrestling Continues

KRW

Spot USD/KRW has been offered this morning and last trades +4.90 figs at KRW1,198.65, with bulls setting their sights on Jan 28 high of KRW1,207.25. Conversely, a dip through Feb 10 low of KRW1,193.50 would shift focus to the 50-DMA, which intersects at KRW1,191.11.

  • USD/KRW 1-month NDF last +1.00 fig at KRW1,199.20. Bulls would be pleased by a rally above Jan 28 high of KRW1,214.39, while bears keep an eye on the 50-DMA at KRW1,193.56.
  • Daily Covid-19 cases hit another record today, eclipsing 57,000 for the first time since the onset of the pandemic. PM Kim said Monday that the government will seek ways to ease the burden on small businesses without fuelling the spread of the Omicron variant.
  • Fiscal wrestling between two biggest parties resumes after the ruling Democratic Party failed to put an extra budget bill to a vote on Monday.
  • Focus moves to South Korea's labour market data, due for release tomorrow.
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