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KRW Bid After Data Shows Continued Recovery In Daily Avg Exports

KOREAN WON

Spot USD/KRW has been offered after the re-open and the won outperforms among Asian EM currencies, as early South Korean trade data signalled a continued recovery in exports. A decline in headline reading for the first 20 days of the month masked another uptick daily average shipments, which rose 5.9%. Overall chip exports increased 12% during that period, despite the national Chuseok holiday.

  • USD/CNH sales and broader greenback weakness amplified pressure to the pair, with the yuan printing multi-year highs vs. U.S. dollar.
  • After hours on Tuesday, FinMin Hong briefed Pres Moon that the economy is expected to expand in Q3, owing to a recovery in exports and the 4th extra budget.
  • Elsewhere, South Korea's PPI fell 0.4% Y/Y in Sep.
  • The daily coronavirus case count remained under 100, but concern over untraceable cluster infections continued to linger.
  • USD/KRW has dipped to its worst levels since Apr 2019 and last operates -5.35 fig. at KRW1,134.00. Bears look for a break under Apr 18/15 lows of KRW1,133.00/1,132.10, which would open up channel floor at KRW1,126.42, followed by the lower 3.0% Bollinger band/round figure at KRW1,120.85/1,120.00. Bulls need to reclaim Oct 13 high of KRW1,151.45 before taking aim at Oct 7 high of KRW1,165.95.
  • South Korean economic docket is virtually empty during the remainder of this week, but focus already turns to next week's flash Q3 GDP data.
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