South Korean Daily Coronavirus Case Count Returns Above 100

Spot USD/KRW moved higher after the re-open, playing catch-up to yesterday's defensive flows and taking note of South Korea's latest daily Covid-19 case count, which returned above 100, which prompted the authorities to make mask-wearing mandatory in certain places. A round of light, broader risk-off flows in reaction to the STAT story highlighted earlier may have also helped the rate push higher early on. The rate has moved away from highs and last deals +2.80 fig. at KRW1,149.80.

• Bulls look for a break above Oct 7 high of KRW1,165.95 before targeting Sep 28 high of KRW1,174.80. Conversely, a drop through Oct 12 low of KRW1,146.90 would open the lower 3.0% Bollinger band at KRW1,134.09.
• South Korea was to host a trilateral summit with Japan and China this year, but it is not clear whether it will take place. Tokyo informed Seoul that the two countries need to make progress on historical differences first.
• The BoK will deliver its monetary policy decision tomorrow, with none of the economists surveyed by BBG expecting any change to the main policy rate. Later in the week, South Korean unemployment hits the wires on Friday.