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Global Covid Sentiment Overshadows Local Upsurge In Critical Cases Again

KRW

Risk-sensitive KRW has drawn support from easing global Covid-19 worry, with spot USD/KRW last seen -1.60 fig at KRW1,174.30. The nearby 100-DMA at KRW1,171.52 provides the initial bearish target and a break here would expose Oct 26 low of KRW1,164.05. Bulls look to a move through Dec 6 high of KRW1,186.95 towards Nov 29 high of KRW1,195.70.

  • USD/KRW 1-month NDF last +1.44 fig at KRW1,174.50. Bulls look for a jump above Dec 6 high of KRW1,186.50, while bears keep an eye on Oct 26 low of KRW1,165.03.
  • South Korea's daily Covid-19 cases stayed above 7,000 for the second day in a row, while critical cases hit another all-time high, reflecting a continued upward trend.
  • The BoK will publish their quarterly monetary policy report at the top of the hour, in the wake of a board meeting.
  • Elsewhere, South Korea's central bank told media outlets that Gov Lee will hold his bi-annual press conference on inflation target system on Dec 16.
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