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KRW Unfazed By Local Consumer Confidence Data

KOREAN WON

USD/KRW fluctuates around neutral levels, shrugging off the release of South Korea's consumer confidence ahead of the re-open of the onshore trade. Headline index increased to 88.2 from 84.2, while inflation expectation for the next 12 months rose to +1.8% from +1.7%.

  • South Korean Pres Moon asked the nation to help gov't efforts to contain the spread of Covid-19 infections, noting that the gov't will be forced to raise social distancing restrictions to the highest level if the current measures prove ineffective.
  • The campaign against Covid-19 fases a headwind from the escalating protests of medical workers, who call upon the gov't to abandon its plans to increase admission quotas medical schools.
  • USD/KRW last trades at KRW1,188.55, just shy of neutral levels. A break under Aug 19 low of KRW1,180.65 would expose Jan 29 low of KRW1,173.95. Conversely, a bounce above Aug 3 high of KRW1,196.05 is needed to open up Jul 24 high of KRW1,203.10.
  • The BoK will publish its Business Survey tomorrow. On Thursday, the BoK will deliver its latest MonPol decision.
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