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Selling Pressure Hits Won As Daily Covid-19 Cases Hit Record, Defensive Feel Lingers

SOUTH KOREA

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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