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USD/KRW Dips To 18-Month Low

KOREAN WON

Spot USD/KRW has plunged through YtD lows to its worst level since Apr 2019 amid mild risk-on flows. After bottoming out at KRW1,140.70, the rate has ticked away from lows and last trades -4.90 fig. at KRW1,142.50.

  • South Korea declared 76 new coronavirus cases today. The tally remains under scrutiny after the country eased its social distancing guidelines last week.
  • A dip through Apr 18/15 lows of KRW1,133.00/1,132.10 would open up Mar 21 low of KRW1,124.35, while a clearance of Oct 7 high of KRW1,165.95 would expose Sep 28 high of KRW1,174.80.
  • South Korean PPI and trade data for the first 20 days of the month are due Wednesday.
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