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Relaxed Covid Curbs Take Effect, Daily Cases Continue To Fall

KRW

Spot USD/KRW trades +2.95 fig. at KRW1,185.35 at typing as the DXY has moved higher, with the won underperforming its regional peers. Bulls look for a further rally past Oct 12 high of KRW1,200.35. On the flip side, a pullback under Sep 24 low/50-DMA at KRW1,171.40/1,170.50 would open up Sep 16 low of KRW1,165.75.

  • USD/KRW 1-month NDF last seen at KRW1,185.68, ~2.30 fig. better off. Topside focus falls on Oct 12 high of KRW1,201.63, while bears keep an eye on Oct 4 low of KRW1,179.38, followed by the 50-DMA at KRW1,175.10.
  • South Korea's daily Covid-19 cases continue to fall, with the nation adding 1,050 new infections today, down from Sunday's 1,420. This is a welcome development at a time when relaxed virus containment measures take effect. From today, all areas outside of Greater Seoul are moving to Alert Level 3 from the toughest Level 4.
  • The BoK said Sunday that the Evergrande saga is unlikely to spark a financial crisis in South Korea, given the local banks' low exposure to China's mammoth developer.
  • Participants look ahead to South Korea's PPI & early trade data, due Thursday.
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