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Social Distancing Measures Extended

KRW

Spot USD/KRW reopened on a softer footing while staying within the confines of yesterday's range. The rate last trades -4.05 figs at KRW1,157.40, with downside focus falling on Sep 1 low of KRW1,155.30, followed by the 50-DMA at KRW1,151.31. Bulls need a clearance of yesterday's high of KRW1,162.35 before taking aim at Aug 27 high of KRW1,174.35.

  • USD/KRW 1-month NDF last -1.45 fig. at KRW1,157.30. Bears keep an eye on Sep 1 low of KRW1,155.79, while bulls look to a rebound above Aug 27 high of KRW1,174.63.
  • PM Kim announced that South Korea will maintain its current social distancing settings through Oct 3. The Greater Seoul area currently observes tightest (level 4) restrictions, with the rest of the country in level 3.
  • Yonhap cited sources noting that South Korea has been developing a surface-to-surface ballistic missile as powerful as a tactical nuclear weapon. The missile is reportedly in the last phase of development.
  • BoK Gov Lee will meet with South Korea's FSC Chair Koh today, while Vice FinMin Lee will speak on innovative growth.
  • South Korea's BoP current account balance takes focus on the data front next week.
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