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Industrial Output Falls Short Of Expectations, Looser Covid Rules To Take Effect Next Week

KRW

Spot USD/KRW has trimmed its initial loss, last deals at KRW1,168.90, marginally shy of neutral levels. Bears still look for a pullback under Oct 26 low of KRW1,164.05 towards the 100-DMA at KRW1,156.23. Conversely, a jump above the 50-DMA at KRW1,174.78 would open up Oct 22 high of KRW1,180.40.

  • USD/KRW 1-month NDF last seen at KRW1,170.52, ~1 fig higher on the day. A break above the 50-DMA at KRW1,176.32 would clear the way to Oct 22 high of KRW1,181.32. On the flip side, a fall through Oct 26 low of KRW1,165.03 would bring the 100-DMA at KRW1,161.01 into play.
  • Confidence index for South Korean manufacturers slipped to 88 in November from 93 prior, according to the BoK's latest Business Survey. The index for non-manufacturers improved to 85 from 81.
  • Elsewhere, industrial output missed expectations and shrank 1.8% Y/Y in September after a 9.7% gain recorded in August. BBG consensus estimate was looking for a 2.0% growth.
  • The gov't outlined their plans for "living with Covid-19." They pledged to ease rules on private gatherings and lift curfews on almost all multiuse facilities from next week.
  • Coming up next week we have South Korea's trade balance & Markit M'fing PMI (Monday), CPI (Tuesday) & BoP current account balance (Friday).
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