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DOLLAR-WON: USD/KRW ticks back from the early lows in Seoul trade, with the rate
last KRW1.45 lower at KRW1,191.90.
- South Korean unemployment unexpectedly tumbled to 3.1% from 4.0% (median exp.
was for a steady 4.0%), representing the lowest level seen since 2013, while
South Korean exports for the first 10 days of September rose by 7.2% Y/Y (chip
exports were -33%) as imports over the same period rose by 3.3% Y/Y.
- Elsewhere, BBG noted that South Korea is set to file a WTO complaint vs. the
Japanese export curbs later today, while the South Korean Trade Minister noted
that the country is considering "all options" on the matter, with these
headlines likely aiding the paring of the early move lower.
- Monday's low of KRW1,189.75 provides the initial point of support, with any
break below there exposing The congested support area around KRW1,180. Bulls
look to reclaim the key pivot at KRW1,196.50 that we have flagged previously.