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S. Korea Says Will Stabilise Financial Mkts If Volatility Rises

KOREAN WON

Spot USD/KRW picked up a bid on the back of yesterday's greenback appreciation and broader risk aversion, with domestic focus turning to comments from South Korean Vice FinMin Kim. The official said that we may see stock & FX market volatility and the government will seek to stabilise local financial markets. He attributed the recent KRW gains to a rally in the yuan, driven by China's economic recovery.

  • South Korean Vice FinMin An added that the government will make efforts to actively stabilise domestic bond market.
  • In the recent escalation in South Korea's tensions with its northern neighbour, Seoul's Defence Ministry condemned Pyongyang for shooting a missing South Korean official to death.
  • USD/KRW last sits +5.45 fig. at KRW1,169.80. Bulls look to take out the 50-DMa at KRW1,186.32 before targeting Sep 4 high of KRW1,192.75. Bears need a retreat under Sep 21 low of KRW1,157.15 before taking aim at the Jan 14 YtD low of KRW1,150.65.
  • The BoK will release its consumer confidence gauge tomorrow.
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