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South Korea's BoP Current Account Surplus Widens

KRW

Spot USD/KRW has added nearly 4 figs thus far and last changes hands at KRW1,223.25, with bulls setting their sights on Mar 28 high of KRW1,227.30. A break here would give them a green light for targeting Mar 15 high of KRW1,244.00. On the flip side, losses past the 50-DMA at KRW1,210.28 would shift focus to the 100-DMA at KRW1,198.74.

  • USD/KRW 1-month NDF last seen at KRW1,223.74, a touch higher on the day. Bulls look to a move through Mar 28 high of KRW1,228.45, while bears keep an eye on the 50-DMA at KRW1,211.87.
  • South Korea's BoP current account surplus expanded to $6.4194bn in February from $1.9155bn prior. The BoK reported that foreign travel spending rose 15% Y/Y but remained 23% below the 2020 level.
  • South Korea's central bank will deliver its monetary policy decision next Thursday, with policymakers set to meet without Governor, as the nominee to replace the outgoing BoK chief yet to be confirmed by parliament.
  • Before that, South Korea's jobless rate and terms of trade will hit the wires on Wednesday and Thursday respectively.
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