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USD/KRW Catches Up With Greenback's Recovery

KOREAN WON

Spot USD/KRW re-opened slightly higher, catching up to yesterday's recovery in the greenback. The rate last sits +2.65 fig. at KRW1,185.95.

  • On Thursday, South Korean President Moon declared 11 more areas hit by monsoon-season floods as special disaster zones.
  • Concern over domestic coronavirus situation remain, after the authorities warned that Seoul is on the verge of another spike in cases.
  • Bulls need a clearance of Aug 10 high of KRW1,189.10 before taking aim at Aug 3 high of KRW1,196.05. Bears watch the 50-DMA, as it is heading towards the 200-DMA creating potential for a death cross. A move under yesterday's low of KRW1,181.65 would allow bears to set their sights on Mar 5 low of KRW1,179.90.
  • Looking ahead, South Korea reports trade figures for the first 20 days of August next Friday.
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