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S. Korean Exports Rise Between Sep 1-20, Avg Daily Exports Fall

KOREAN WON

Spot USD/KRW re-opened slightly higher and last trades +2.05 fig. at KRW1,162.45, likely on the back of impetus from after hours Friday.

  • South Korea released its trade data for the first 20 days of the month, showing a rebound in exports, partially driven by more working days and a 25.3% Y/Y jump in chip exports. Shipments rose 3.6% Y/Y, but fell 9.8% when adjusted for the number of days at work.
  • On Sunday, South Korea decided to extend exiting coronavirus restrictions by one week, maintaining so called "level 2" curbs.
  • A fall through Friday's multi-month low/round figure of KRW1,160.15/1,160.00 would draw attention to the YtD low of KRW1,150.65. On the topside, focus falls on Sep 17 high of KRW1,177.85, followed by the 50-DMA at KRW1,188.56.
  • South Korea's PPI comes out tomorrow, while the BoK's consumer confidence gauge hits the wires on Friday.
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