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Greenback Weakness Drives USD/KRW Lower

KOREAN WON

USD/KRW has defied the early risk-off impetus and ebbed lower. The move
seems to be a function of a retreat in USD, with DXY printing fresh
22-month lows as we type. Little of note out of South Korea at the start
to the week.

  • South Korean gov't seeks to revise the law to require foreign visitors
    infected with Covid-19 to cover the cost of their own treatment.
  • The DPRK put the city of Kaesong under lockdown after a defector
    reportedly returned from South Korea with symptoms of Covid-19.
  • Chosun Ilbo reported that South Korea and the U.S. are planning to conduct
    scaled-back military exercises after Aug 15, due to concerns over Covid-19.
  • USD/KRW sits -2.60 fig. at KRW1,198.85. Below Jul 22 trough of
    KRW1,192.55 exposes Jul 7 low of KRW1,189.80. Bulls see Jul 24 high
    of KRW1,203.10 as their target, above there opens Jul 17 high of KRW1,206.95.
  • South Korea's consumer confidence, Business Survey & industrial output are
    due Wednesday, Thursday and Friday respectively.
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