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Risk Aversion Saps Strength From KRW, BoK Minutes Eyed

KRW

Spot USD/KRW has clawed back initial losses and trades at KRW1,205.40, just shy of neutral levels, as onshore markets re-opened for the first trading session this week. Bears look for a fall through the 50-DMA at KRW1,189.59 towards the 100-DMA at KRW1,184.08. Conversely, a move through Jan 28 cycle high of KRW1,207.25 would bring Jun 17, 2020 high of KRW1,218.60 into play.

  • USD/KRW 1-month NDF last +4.20 figs at KRw1,206.20, reflecting broader risk aversion observed today. Bulls keep an eye on Jan 28 high of KRW1,214.39, while bears look for a pullback under the 50-DMA at KRW1,191.26.
  • The BoK and Finance Ministry held meetings to monitor volatility in financial markets after the Lunar New Year holiday. BoK Gov Lee noted that "markets appear to have remained stable," but "we should not let our guard down."
  • South Korea's Markit M'fing PMI rose to 52.8 in January from 51.9 in December, indicating a faster expansion in the sector.
  • FinMin Hong said that house prices are expected to decline further, owing to rate hikes implemented by the BoK and tighter lending rules.
  • The BoK will publish the minutes from their January monetary policy meeting at 16:00 local time. Policymakers decided at that meeting to raise the policy rate by 25bp.
  • South Korea's January CPI data will hit the wires tomorrow, with consensus pointing to a potential moderation in the rate of consumer price growth.
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