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GBPUSD TECHS

Approaching Key Resistance

EURUSD TECHS

Approaching The 50-Day EMA

OUTLOOK

Monday Look Ahead, Markit PMIs, ISMs

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  • The won is stronger in early trade, capitalising on broad risk on sentiment even as officials declare a two-week extension to the toughest set of lockdown measures currently in place in greater Seoul. There were 1,630 new cases in the past 24 hours, down from a record high of 1,842 yesterday.
  • USD/KRW is down 1.10 at 1148.90, the pair hit 2021 highs of 1154 earlier this week.
  • Elsewhere, the government aim to hold a plenary session today to vote on the proposal for second extra budget. The proposal for a KRW 33tn extra budget was unveiled at the end of June, there have been five rounds of extra budgets to support the recovery from the pandemic for a total of KRW 82tn so far, the latest budget bringing the total to KRW 115tn. The government has no plans to issue further Treasury bonds for the latest move.
  • There are no domestic releases on the economic docket today, markets look ahead to GDP and consumer confidence data next week.