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Rising Daily Covid Case Count Sparks Concern

KRW

Spot USD/KRW remains rangebound, hovering just above multi-month lows, with broader caution and the acceleration in the spread of local Covid-19 infections preventing further losses.

  • South Korea declared 313 new coronavirus cases today, which represented the largest daily increase since late Aug. Elsewhere, BBG reported that the nation may announce in Nov ways to secure a Covid-19 vaccine, looking to provide the jab to 30mn citizens in 2021.
  • The rate last deals at KRW1,106.40, little changed on the day. Support from Apr 12, 2018 low of KRW1,104.95 has proven resilient thus far, but a break below there would turn focus to the key KRW1,100.00 mark. Conversely, bulls need a clearance of Nov 13 high of KRW1,116.70 would expose Nov 4 high of KRW1,147.50.
  • South Korean PPI hits the wires on Friday, with early trade data coming up on Monday.
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