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S. Korean Jobless Rate Climbs, Daily Coronavirus Tally Dips Below 50

KOREAN WON

Spot USD/KRW firmed up at the re-opened, catching up with yesterday's risk aversion and reacting to the release of South Korea's unemployment rate, which climbed more than expected. The won's losses may have been cushioned by South Korea's latest daily coronavirus tally, which pulled back under 50 after remaining above 100 for a few days.

  • South Korea's unemployment rose to 3.9% from 3.2% in September vs. exp. of 3.7%. FinMin Hong commented that jobs recovery is expected to resume in October.
  • The nation declared 47 new coronavirus cases on Friday, but the authorities remain vigilant in case it was just a one-off drop.
  • Speaking to lawmakers this morning, BoK Gov Lee said that financial and FX markets are moving stably, with USD/KRW remaining in a stable downtrend since May.
  • USD/KRW trades +1.90 fig. at KRW1,145.15 as we type and a break above Oct 13 high of KRW1,151.45 would turn focus to Oct 7 high of KRW1,165.95. Meanwhile, a dip through the cycle low of KRW1,141.90 printed yesterday would open up Apr 18/15 lows of KRW1,133.00/1,132.10.
  • Next week, South Korea releases PPI data & trade figures for the first 20 days of the month on Wednesday.
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