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Free AccessSelling Pressure Hits Won As Daily Covid-19 Cases Hit Record, Defensive Feel Lingers
Broader defensive tone has underpinned spot USD/KRW, with the rate last dealing +1.55 fig. at KRW1,197.65. An uptick in South Korea's daily Covid-19 cases and a suspected missile test by North Korea may have added to the won's woes, despite decent growth data released earlier today. Bulls now set their sights on Jan 7 cycle high of KRW1,203.90, while bears keep an eye on the 50-DMA at KRW1,187.92, followed by the 100-DMA at KRW1,182.31.
- USD/KRW 1-month NDF last seen +2.71 figs at KRW1,199.40. Topside focus falls on Jan 6 high of KRW1,207.50, with bears looking for a pullback under Jan 13 low of KRW1,183.78.
- The Finance Ministry said in a statement that it will seek to improve South Koreas FX system and ease restrictions on market access by foreign investors, as the nation eyes a bid for developed market status from Morgan Stanley Capital International (MSCI).
- South Korea's daily Covid-19 cases hit a fresh all-time high today, as the Korea Disease Control and Prevention Agency reported 8,571 new infections.
- Meanwhile, Chosun Ilbo reported that South Korea's military is investigating an incident, which may have been a test-launch of cruise missiles by North Korea.
- Elsewhere, the economy grew 4.1% Y/Y in the final quarter of 2021, preliminary data showed. Quarterly growth accelerated to +1.1% Q/Q, matching expectations.
- Focus turns to South Korea's consumer confidence (Wednesday), BoK Business Survey (Thursday) & industrial output (Friday).
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.