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South Korea's Daily Covid Case Count Hits Record

KRW

Spot USD/KRW trades at KRW1,182.65, in close proximity to neutral levels. A break above Nov 11/Oct 18 highs of KRW1,186.90/1,188.40 would give bulls a green light for targeting Oct 12 high of KRW1,200.35. Bears see the 50-DMA at KRW1,178.05 as their initial target and a break here would open up the 100-DMA/Oct 26 low at KRW1,164.45/1,164.05.

  • USD/KRW 1-month NDF last seen at KRW1,183.57, ~2.30 figs higher on the day. Bulls keep an eye on Nov 4/Oct 18 highs of KRW1,188.75/1,189.22, while bears look for losses past Nov 9 low of KRW1,174.85.
  • South Korea's daily Covid-19 case count hit a new record today, as the nation reported 3,292 fresh infections. This comes against the backdrop of recently eased virus countermeasures.
  • As a reminder, local stock and FX markets opened 1 hour later to reduce traffic on a national college entrance exam day.
  • South Korea's factory-gate inflation data will hit the wires on Friday.
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