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Seoul Eases Coronavirus Restrictions

KOREAN WON

Spot USD/KRW deals just below neutral levels after the re-open of onshore trade. The pair last sits -0.95 fig. at KRW1,185.95.

  • The government decided not to extend level 2.5 (in a 3-tier scale) restrictions in greater Seoul area, as local coronavirus situation has improved. The capital will be placed under level 2 rules, just as the rest of the country.
  • South Korea's Interior Ministry said that torrential rains that pounded the country between July and August have caused property damage estimated at more than KRW1tn, the worst such damage in 14 years.
  • A fall below KRW1,179.10, a multi-month low printed on Aug 31, would clear the way to Feb 12 low of KRW1,176.40. On the flip side, a break above the 50-DMA at KRW1,191.31 would open up Sep 4 high of KRW1,192.75.
  • South Korea's terms of trade will be released tomorrow.
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