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USD/KRW Hovers Above Multi-Month Lows

KOREAN WON

USD/KRW last trades -2.45 fig. at KRW1,184.55, following overnight USD weakness, which has carried over into the Asia-Pac session. Locally, focus fell on South Korea's trade data for the first 20 days of August, with shipments falling 7.0% Y/Y & average daily exports down 3.7% Y/Y.

  • Bears look for a dip through Aug 19/Mar 5 lows of KRW1,180.65/1,179.90, before targeting Feb 12 low of KRW1,176.40. Bulls keep an eye on Aug 20 high of KRW1,188.20 and a break here would open up Aug 3 high of KRW1,196.05.
  • Next week's highlights in South Korea include consumer confidence (Tuesday), Business Survey M'fing (Wednesday) & BoK MonPol decision (Thursday).
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