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Extra Budget Submitted But Lawmakers Call For More Spending

KRW

Spot USD/KRW operates at KRW1,193.30 at typing, just shy of neutral levels. Bears look for a slide through the 50-DMA at KRW1,187.47 before taking aim at the 100-DMA, last seen at KRW1,181.97. Conversely, bulls would be pleased should the rate manage to pierce Jan 7 cycle high of KRW1,203.90.

  • USD/KRW 1-month NDF last seen at KRW1,194.60, a touch higher on the day. Bulls look to a move through KRW1,207.50, which capped gains on Jan 6. On the flip side, bears keep an eye on the 50-DMA at KRW1,188.65, followed by Jan 13 low of KRW1,183.78.
  • The government submitted the KRW14tn extra budget to parliament, facing calls for a higher spending figure from both sides of the aisle. Ruling party presidential candidate Lee has urged the government to raise the budget to KRW35tn.
  • Preliminary Q4 GDP figures headline the local docket tomorrow. Later this week, focus will turn to consumer confidence (Wednesday), BoK Business Survey (Thursday) & industrial output (Friday).
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