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Respects Wednesday Range

KRW

Spot USD/KRW re-opened slightly higher, supported by yesterday's USD recovery. The rate has continued to grind higher, as a slip in all three main e-mini contracts has inspired a degree of caution. At typing, USD/KRW trades +4.25 fig. at KRW1,114.20.

  • South Korea's daily coronavirus case count remains above 100 and some cities and provincial authorities have started implementing slightly tighter social restrictions. The central gov't may start fining people who don't wear masks in public.
  • South Korean Vice FinMin Kim said that the policies of the new gov't may support stocks, adding that FX volatility may increase in the wake of the presidential election. Earlier in the day, Pres Moon spoke U.S. Pres-elect Biden by phone.
  • Bulls need a break above Nov 4 high of KRW1,147.50 to gain some momentum. Meanwhile, a break under yesterday's/Jan 31, 2019 lows of KRW1,109.15/1,108.70 would allow bears to set their sights on Dec 4, 2018 low of KRW1,104.95.
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