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USD/KRW Extends Losses To 18-Month Low, M&A News Under Scrutiny

KOREAN WON

Spot USD/KRW has lost altitude after the re-open, probing the water under the KRW1,140.00 mark and printing its worst levels since Apr 2019. The rate has been offered despite the confirmation that Intel will sell its memory-chip unit to South Korea's SK Hynix for ~KRW10.3tn. the rate last deals -1.80 fig. at KRW1,140.20.

  • The aforementioned M&A deal, set for a phased completion in 2025, will help consolidate South Korea's position as a global leader in memory chip manufacturing.
  • South Korea confirmed 58 new coronavirus cases today, marking a continued drop from Sunday's 91 & Monday's 76.
  • Worth mentioning that during a meeting with his senior aides, Pres Moon called for measures to boost consumptions and revive industries hit by the coronavirus crisis.
  • A dip through Apr 18/15 lows of KRW1,133.00/1,132.10 would open up the lower 3.0% Bollinger band at KRW1,124.64. On the topside, a move through Oct 16 high of KRW1,147.50 would draw attention to Oct 7 high of KRW1,165.95.
  • South Korea will report PPI & early trade data tomorrow.
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