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Daily Covid-19 Cases Hit Record High, FinMin Hong To Meet With BoK Gov Lee Friday

KRW

Spot USD/KRW has trimmed its opening loss and now operates at KRW1,195.55, a touch lower on the day. Renewed losses past the 50-DMA at KRW1,190.48 would clear the way to the 100-DMA, which kicks in at KRW1,185.77. Conversely, bulls need a rally above Jan 28 high of KRW1,207.25 to regain the upper hand.

  • USD/KRW 1-month NDF last +1.39 fig. at KRW1,196.58. Bulls look to a move towards Jan 28 high of KRW1,214.39, with bears keeping an eye on the 50-DMA, which intersects at KRW1,192.37.
  • The latest wave of Covid-19 infections powered by the Omicron variant shows no signs of letting up, with the daily caseload topping 50,000 for the first time on record today.
  • FinMin Hong said he will discuss issues including from risk factors, policy mix, financial imbalance, market stabilisation, bond and FX markets with BoK Gov Lee on Friday. Hong singled out stabilising consumer inflation as the priority for the current month.
  • South Korea's BoP current account surplus shrank to $6.0620bn in December from the revised $6.8207bn recorded in the prior month.
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