South Korea's Unemployment Rises On Higher Participation

Spot USD/KRW firmed at re-open, in the wake of the greenback's decent performance seen after onshore South Korean markets closed on Tuesday. Meanwhile, participants have weighed above-forecast South Korean GDP data against an unexpected uptick in the unemployment rate.. USD/KRW last seen 2.55 fig. lower on the day at KRW1,116.75.

• South Korea's GDP rose 1.9% Y/Y in the first quarter of 2021. It was revised higher from the flash reading of 1.8%, while market expected an unchanged final reading.
• The unemployment rate increased to 3.8% in May from 3.7% recorded in Apr, printing above consensus est. of 3.6%. The surprise uptick was driven by wider participation (63.7% in May vs. 63.0% in Apr), as employment rose by 336k from the prior month (albeit employment data were uneven across sectors).
• South Korean terms of trade, due Friday, take focus later this week.
• Bulls look for a move through the 100-DMA/Jun 4 high at KRW1,119.01/1,119.05 before targeting May 26 high of KRW1,124.55. Bears keep an eye on Jun 7 low of KRW1,109.25, followed by Jun 1 low of KRW1,105.05.
• USD/KRW 1-month NDF last -1.09 at KRW1,116.20, with bears looking for a slide through Jun 7 low of KRW1,109.30, towards Jun 1 low of KRW1,104.90. Bulls look to take out Jun 4 high of KRW1,118.79.