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Unfazed By In-Line BoK Decision, Daily Covid-19 Case Count Surges Above 500

KRW

Spot USD/KRW re-opened lower and last deals at KRW1,106.50, 2.10 fig. worse off on the day, despite worrying coronavirus situation in South Korea. The rate has shown little reaction to the in-line monetary policy decision from the BoK.

  • Bears look for a dip through Nov 18 low of KRW1,103.90 before taking aim at the psychological KRW1,100.00 figure. Bulls keep an eye on Nov 13/20 highs of KRW1,116.70/75.
  • South Korea's daily Covid-19 case count surged to the 8-month high of 583, as sporadic clusters of infections sweep across the country.
  • 801 exporters polled by the Korea International Trade Association said that KRW1,133 per dollar is their pain threshold between profits and losses.
  • The BoK left its main policy rate unchanged at 0.5%, in line with a virtual consensus of analysts. BoK Gov Lee will hold a press briefing at 11:20am local time.
  • Elsewhere, Chinese Foreign Min Wang meets with South Korean Pres Moon today.
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