USD/KRW Ignores Resounding Recovery In South Korean Consumer Confidence

Spot USD/KRW re-opened higher and continues to operate near its initial levels, last sitting +3.50 fig. at KRW1,128.95. Lingering concerns about the rapid resurgence of coronavirus in Europe & waning hopes for a pre-election fiscal deal in the U.S. may have helped push the rate higher early on.

• Meanwhile, South Korea's daily Covid-19 case count returned above 100, as cluster infections across the greater Seoul area continue to frustrate attempts to contain the virus. Some popular, large-capacity clubs in the Itaewon and Gangnam districts will close for the Halloween.
• South Korea's Consumer Confidence Index recovered to 91.6 from 79.4 in the biggest jump since 2009. The index is yet to recover the neutral 100 mark, but already sits at its highest level since Feb.
• A break above Oct 22 high of KRW1,138.25 is needed to open up Oct 13 high of KRW1,151.45. Bears look for a break below KRW1,125.00, where the rate bottomed out on Tuesday, before targeting Feb 27 low of KRW1,115.40.
• South Korean Business Survey is due tomorrow, while industrial output hits the wires on Friday.