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Unemployment Shrinks, Gov't Mulls Tighter Covid Restrictions

KRW

Spot USD/KRW blipped higher at the reopen and has operated within a tight range since. The pair sits +2.60 figs at KRW1,185.20, with bulls looking for a break above Dec 6 high of KRW1,186.95, followed by Nov 29 high of KRW1,195.70. Bears look for a dip through the 100-DMA, which kicks in at KRW1,173.02.

  • USD/KRW 1-month NDF last seen at KRW1,185.00, virtually unchanged on the day. A clearance of Nov 26 high of KRW1,198.18 would please bulls, while bears keep an eye on Dec 8 low of KRW1,171.75.
  • South Korea's unemployment rate unexpectedly dipped to 3.1% in November from 3.2% in October, as the economy added 553k jobs from a year earlier. The seasonally adjusted participation rate remained at 62.8%.
  • PM Kim confirmed that the government is considering tighter social distancing measures, which may include a lower cap on the size of private gatherings. The details of new measures are expected to be announced on Friday.
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