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USD/KRW Higher On Stronger Dollar/South Korean Covid Concerns

KRW

The won opens weaker on Tuesday, USD/KRW last up 4.25 at 1107.15, the move higher is driven by the US dollar which saw its biggest gain in 9 months erased as the US prepares to sign a spending bill, this helped stocks recover and dragged down the US dollar. Market observers noted that moves were exacerbated by thinned holiday volumes.

  • Domestic Covid concerns continue to weigh in South Korea, the latest measures include closing ski resorts and tourist hotspots to try and stop the spread of the virus.
  • South Korean Vice Minister Kim Yongbeom was on the wires saying keeping liquidity and stability is important and that South Korea will strengthen support to help boost investment and exports.
  • There is no economic data on the schedule for South Korea until December 28.
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