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Extending Losses

KRW

The won continues to trade on the defensive amid regional and global geopolitical jitters and spillover from China (worrying Covid-19 situation, tech regulatory woes, weak bias in yuan fixing).

  • President Moon will hold a one-on-one meeting with President-Elect Yoon on Wednesday as the process of the transfer of power gets underway. The two leaders will discuss a range of issues, including North Korea and the coronavirus situation.
  • Reports of North Korean preparations for a nuclear test continue to do the rounds, with DongA Ilbo noting that Pyongyang could conduct the drill on Yoon's May 10 inauguration day.
  • Spot USD/KRW last trades +1.90 fig. at KRW1,243.75 after tagging a new cycle peak. A break above the nearby May 25, 2020 high of KRW1,244.25 is needed to turn bullish focus to Mar 19, 2020 high of KRW1,296.75. Bears keep an eye on Mar 10 low of KRW1,225.30.
  • USD/KRW 1-month NDF last +1.41 fig. at KRW1,244.00. Topside focus falls on May 25, 2020 high of KRW1,244.46, while bears keep an eye on Mar 9 low of KRW1,223.75.
  • Participants look ahead to the release of South Korea's labour market data tomorrow.
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