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KRW Softens Despite Slowdown In Decline Of South Korean Exports

KOREAN WON

USD/KRW re-opened slightly higher, tracking Friday's demand for USD. South Korea released trade data for the month of July on Saturday. Trade surplus expanded more than expected, as exports fell less than forecast and were coupled with in-line imports. USD/KRW trades +4.25 fig. at KRW1,195.40 as we type.

  • Elsewhere, Yonhap cited data released by the Bank of Korea on Sunday, which showed that essential spending accounted for around 40% of all spending in Q1, suggesting that South Korean were reluctant to purchase non-essential items.
  • A breach of the 200-DMA at KRW1,197.16 would shift focus to Jul 24 high of KRW1,203.10. Meanwhile, a retreat under Jul 31/Mar 11 lows of KRW1,186.65/1,186.40 would allow bears to set their sights on Mar 5 low of KRW1,179.90.
  • South Korean Markit M'fing PMI comes out today. CPI is due tomorrow, while BoP current a/c balance hits the wires on Thursday.
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