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KRW: Spot Close To 1440, BoK Mins Point to HH Debt/FX For Next Rate Cut Timing

KRW
EM BulletBulletSouth KoreaAPACEmerging Market News

Intra-session highs for spot USD/KRW were close to 1440 on Tuesday but we ended extended trade at 1437.25. This was little net change for the session. The pair may have eased a little in sympathy with lower USD/JPY levels, but we remain close to recent highs. 

  • Focus in the pair is likely to remain on an upside test above 1440. Post martial law highs were at 1444.65. On the downside, the 20-day EMA support point continues to track higher, last near 1418.5.
  • The RSI (14) is close to overbought territory, with a 68.72 reading, but we have been close to the overbought point for much of Dec.
  • The authorities will be on guard against sharp depreciation pressures though, whilst the upcoming FOMC outcome is likely to dictate broader USD trends in the near term.
  • The BoK minutes from late yesterday indicated household debt and FX trends would likely influence the timing of the next rate cut.
  • The local data calendar is empty until Friday's PPI print.  
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Intra-session highs for spot USD/KRW were close to 1440 on Tuesday but we ended extended trade at 1437.25. This was little net change for the session. The pair may have eased a little in sympathy with lower USD/JPY levels, but we remain close to recent highs. 

  • Focus in the pair is likely to remain on an upside test above 1440. Post martial law highs were at 1444.65. On the downside, the 20-day EMA support point continues to track higher, last near 1418.5.
  • The RSI (14) is close to overbought territory, with a 68.72 reading, but we have been close to the overbought point for much of Dec.
  • The authorities will be on guard against sharp depreciation pressures though, whilst the upcoming FOMC outcome is likely to dictate broader USD trends in the near term.
  • The BoK minutes from late yesterday indicated household debt and FX trends would likely influence the timing of the next rate cut.
  • The local data calendar is empty until Friday's PPI print.