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Edging Higher

KOREAN WON

Spot USD/KRW re-opened on a firmer footing, following yesterday's uptick in the DXY. The rate sits +3.10 fig. at KRW1,136.00.

  • As a reminder, yesterday FinMin Hong noted that one-sided moves in the FXrate are not good for domestic economy and South Korea stands ready to stabilise FX markets.
  • South Korean coronavirus infection dynamics continue to worry officials, after the daily case count returned above 100 yesterday. It rose further today, printing at 155.
  • A breach of Oct 13 high of KRW1,151.45 is needed to open up Oct 7 high of KRW1,158.30. Conversely, a dip through Oct 21 low of KRW1,131.10 would expose Mar 21, 2019 low of KRW1,124.35.
  • FinMin Hong & KoK Gov Lee attend a parliamentary hearing today.
  • Next Tuesday's flash GDP data will be closely watched. The BoK's consumer & business sentiment gauges are due on the following two days. Industrial output hits the wires next Friday.
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