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Late Rate Rally, Risk-Off as Omicron Comes to US


BLOCKs, 10Y and 30Y Ultras, 30s


Corrective Pullback


Risk Weakness/Dollar Bid Weigh on Latam FX


Trend Needle Still Points South

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Spot USD/KRW trades at KRW1,175.25, marginally higher on the day. The rate hovers just above its 50-DMA, which kicks in at KRW1,172.26. A break here would shift focus to KRW1,165.75, which limited losses on Sep 16. Bullish focus falls on Oct 18 high of KRW1,188.40. Should the rate breach that level, bulls could take aim at Oct 12 high of KRW1,200.35.

  • USD/KRW 1-month NDF last seen at KRW1,176.23, less than 1 fig. below neutral levels. Bears look for a clean breach of the 50-DMA at KRW1,176.29, which would open up Sep 23 low of KRW1,171.00. Bulls need a clearance of Oct 18 high of KRW1,189.22 before targeting Oct 12 high of KRW1,201.63.
  • South Korea's exports growth accelerated to +36.1% Y/Y in the first 20 days of October from +22.9% recorded over the same period in September. Adjusted for the number of working days, shipments rose +25.7%.
  • Elsewhere, South Korea's PPI rose 7.5% Y/Y in September after a revised 7.4% gain recorded in August.