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KRW Steadies After Thursday Rally, Virus Worry Lingers

KRW

USD/KRW has moved into consolidation mode after rallying on Thursday, as South Korean Ministry of Finance intensified its jawboning & dealers cited suspected BoK purchases of USD. The spot has hugged a tight range in Asia trade today, last changes hands -1.35 fig. at KRW1,113.90.

  • South Korea confirmed 363 new coronavirus infections today and PM Chung issued a stay-at-home plea to the citizens. Health Ministry noted that the government sees resurging infections as the third wave of Covid-19.
  • The publication of South Korea's Oct PPI (fell 0.6% Y/Y, faster than in Sep) concluded local data releases for this week. Looking further afield, early trade figures hit the wires on Monday, the BoK's gauge of consumer confidence comes out on Tuesday, with the BoK's Business Survey due Wednesday. Then, the BoK will deliver its latest MonPol decision on Thursday.
  • A breach of channel top at KRW1,123.58 would allow bulls to set their sights on Nov 4 high/61.8% retracement of the Sep 28 - Nov 18 sell-off at KRW1,147.50/1,147.72. Bears look for a dip through Nov 18 low of KRW1,103.90 would reinstate downside momentum, opening up the psychological KRW1,100.00 figure.
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