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South Korea To Trim Levies On Fuel & LNG

KRW

Spot USD/KRW firmed this morning, catching up with overnight demand for the greenback and digesting the confirmation of impending cuts of levies on fuel and LNG. The rate last changes hands +3.20 fig. at KRW1,180.35, with bulls looking for a rally above Oct 18 high of KRW1,188.40 towards Oct 12 high of KRW1,200.35. Bears would be pleased by a dip through the 50-DMA at KRW1,173.02, with the next layer of support provided by Sep 16 low of KRW1,165.75.

  • USD/KRW 1-month NDF last seen at KRW1,181.25, ~2 figs higher on the day. A clearance of Oct 18 high of KRW1,189.22 would bring Oct 12 high of KRW1,201.63 into play. Downside focus falls on the 50-DMA at KRW1,176.70, followed by Sep 23 low of KRW1,171.00.
  • Vice FinMin Lee confirmed that South Korea will temporarily cut fuel tax and reduce tariffs on LNG imports. The details will be announced next week. South Korea relies on fossil fuel imports to meet almost all of its energy consumption needs, with taxes constituting around 40% of local petroleum prices.
  • South Korea's economic calendar next week features flash GDP (Tuesday), consumer confidence (Wednesday) as well as industrial output & BoK Business Survey (Friday).
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