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Gains Strength

KRW

Spot USD/KRW dipped after the re-open of onshore trade, catching up with overnight dollar sales. The rate last sits -5.95 fig. at KRW1,106.05.

  • The BoK's Business Survey pointed to continued recovery in business sentiment across both m'fing & non-m'fing sectors, albeit both main indices remained comfortably below the neutral 100 level.
  • Nov 18 cycle low of KRW1,103.09 provides the initial downside target and a break here would clear the way to the psychological KRW1,100.00 level. Bulls need to reclaim Nov 20 high of KRW1,116.75 before targeting the 50-DMA at KRW1,140.68.
  • China's Foreign Min Wang flies from Japan to South Korea today and will stay in Seoul through Friday, to hold meetings with South Korean Foreign Min Kang & Pres Moon.
  • The BoK delivers its MonPol decision tomorrow and there is a virtual consensus that policymakers will leave the 7-Day Repo Rate unchanged.
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