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South Korea GDP beats expectations, headline Y/Y figure prints -1.4% vs. -1.6% expected. The upside can be attributed to strong exports, which could pave the way for a strong recovery in 2021. Exports rose 12.6% Y/Y in December, the fastest pace of expansion in over two years.
- There are signs that the recovery is fragile, however. Data this week showed private consumption suffered in the wake of stricter lockdowns in December, while the labour market is also struggling.
- USD/KRW closed lower yesterday, finishing the session at 1100.08 after briefly dipping below the figure. The USD strength seen on Monday is expected to translate to a higher open.
- USD/KRW has embarked on a bounce after reaching lower limit of a multiyear channel at 1080. A break above 1113 would suggest a short-term up move towards 1131, the 23.6% retracement of recent decline and even potentially even towards 1150.
- Contacts note there is expected to be exporter selling at 1105, especially with month end approaching, but USD funding demand is seen as being limited.