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USD/KRW Drops To Worst Levels Since Jan, Eyes YtD Lows

KOREAN WON

Spot USD/KRW catches up with yesterday's USD weakness, falling to its worst levels since Jan. The rate gapped lower at the re-open of onshore KRW trade, extended losses as the DXY eased off, and last sits -8.15 fig. at KRW1,166.25.

  • With their eyes set on Jan 20 low of KRW1,156.15, bears look for a cross below that level before taking aim at the Jan 14 YtD low of KRW1,150.65. Meanwhile, a jump above the 50-DMA/Sep 4 high at KRW1,189,52/1,192.75 would give bulls some relief.
  • Finance ministers of South Korea, China and Japan hold a virtual trilateral meeting today, with FinMin Hong due to attent ASEAN+3 FinMins' meeting and a parliamentary session later in the day.
  • Looking ahead, South Korea's trade data for the first 20 days of the month comes out Monday, PPI hits on Tuesday and the BoK's consumer confidence gauge is due Thursday.
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