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Fiscal Matters Eyed

KRW

Spot USD/KRW operates above neutral levels, last +1.15 fig. at KRW1,199.65, still within the prior day's range. A clearance of Jan 28 high of KRW1,207.25 would signal that the broader uptrend is intact, while bears need a fall through Feb 10 low of KRW1,193.50 before targeting the 50-DMA at KRW1,190.84.

  • USD/KRW 1-month NDF last seen at KRW1,200.56, little changed on the day. Bears keep an eye on Feb 9 low/50-DMA at KRW1,193.74/1,193.17, while bulls look to a move through Jan 28 high of KRW1,214.39.
  • The ruling Democratic Party seeks approval for an extra budget bill today after a rift emerged between the government and lawmakers from both sides of the aisle. Hankook Ilbo reported that the Finance Ministry sticks to the original KRW14tn extra spending plan, the ruling party advocates boosting it to KRW35tn, while the main opposition party would like to see an increase to KRW50tn.
  • South Korea's terms of trade will hit the wires on Tuesday, with jobs data coming up Wednesday.
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