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Risk-Off Flows Push USD/KRW Towards 50-DMA

KOREAN WON

The broader risk-off feel pushed spot USD/KRW higher at the re-open of onshore trade, placing it within arm's reach from the 50-DMA, which has remained intact since Jun 1. The rate last trades +2.25 fig. at KRW1,190.50.

  • Late doors on Thursday, Maeil reported that South Korean gov't and ruling party officials held a meeting to discuss another cash handout and a fourth extra budget, which could be worth around KRW8-10tn.
  • Following that working-level meeting, Korea Economic Daily reported that gov't & ruling party officials will hold a high-level meeting to discuss aforementioned matters. The newspaper said that the plan could be announced on Sunday.
  • Elsewhere, officials are assessing whether to extend stricter social restrictions and are expected to make the decision over the weekend.
  • In other news, South Korean doctors ended a two-week strike after reaching an agreement with the gov't and ruling party.
  • On the data front, South Korea's BoP current account surplus widened to +$7.4518bn from +$6.8800bn in Jul.
  • Should USD/KRW manage to penetrate its 50-DMA at KRW1,192.97, bulls could target Aug 3 high of KRW1,196.05. Conversely, bears need a dip through Aug 31 low of KRW1,179.10 to return into the driving seat.
  • Next week, focus moves to South Korea's unemployment, due Wednesday.
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