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South Korea Posts Larger Than Expected Uptick In Unemployment

KRW

The won trades on a softer footing as domestic markets absorb overnight risk-off impetus and South Korea's jobs market report, which showed that the unemployment rate rose more than forecast.

  • The jobless rate climbed to 3.2% last month from 3.0% recorded in September, while the participation rate edged higher by 0.1pp.
  • The minutes from the BoK's most recent monetary policy meeting showed that policymakers thought inflation could be higher if housing costs were taken into consideration.
  • Spot USD/KRW trades +4.20 figs at KRW1,181.35. A clearance of Nov 5 high of KRW1,186.65 would open up Oct 12 high of KRW1,200.45. Meanwhile, a fall through the 50-DMA at KRW1,176.07 would expose Oct 26 low of KRW1,164.05.
  • USD/KRW 1-month NDF last seen at KRW1,182.55, almost 3 figs higher on the day. Bulls look to a move through Nov 4 high of KRW1,188.75 before taking aim at Oct 12 high of KRW1,201.63. Bears look for losses past the 100-DMA/Oct 26 low at KRW1,165.19/1,165.03.
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