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Early Trade Data Show Continued Growth In Daily Exports

KRW

Spot USD/KRW reopened on a firmer footing today, printing best levels in more than five weeks. The rate last sits +3.85 figs at KRW1,189.15. Topside focus falls on Oct 12 cycle high of KRW1,200.35. Meanwhile, a pullback under the 50-DMA at KRW1,179.22 would shift focus to Nov 16 low of KRW1,175.50.

  • USD/KRW 1-month NDF last seen -1.30 fig. at KRW1,190.00. A fall through the 50-DMA at KRW1,182.46 would open up Nov 9 low of KRW1,174.85. Bulls look for a jump towards Oct 12 cycle high of KRW1,201.63.
  • South Korea's shipments grew 27.6% Y/Y in the first 20 days of the month, with imports up 41.9%. Daily exports rose 23.7% during that period, while the increase in chip exports registered at 32.5%.
  • The Bank of Korea will publish their consumer confidence data on Tuesday, with business survey due Wednesday.
  • The BoK will deliver their monetary policy decision on Thursday. Policymakers are widely expected to raise their key policy rate by 25bp.
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