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USD/KRW Inches Higher As Early Trade Figures Deteriorate

KOREAN WON

Spot USD/KRW re-opened marginally higher and last trades at KRW1,187.10, still hovering just above neutral levels, as the mixed overnight session failed to provide any clear impetus to start with. Locally, focus fell on early trade figures, which deteriorated vs. the previous month.

  • South Korea's Customs Service released trade data for the first 10 days of this month. Exports fell 23.6% Y/Y, with daily average exports down 12.7% Y/Y & chip shipments shrinking 6.8% Y/Y. Imports dropped 24.3% Y/Y and the nation recorded a trade deficit of $1.9bn. For comparison, in the first 10 days of July exports fell 1.7% Y/Y & imports declined 9.1% Y/Y.
  • President Moon Jae-in is expected to formally appoint three new senior secretaries today. They predecessors quit last Friday, taking the blame for the gov't's failure to stabilise the housing mkt.
  • Bulls need a clearance of Aug 3 high/200-DMA at KRW1,196.05/1,197.42 before taking aim at the 50-DMA, which intersects just above the psychological KRW1,200.00 mark. Bears look for a fall through Aug 6 multi-month low of KRW1,182.95, which would turn focus to Mar 5 low of KRW1,179.90.
  • Yonhap reported that South Korea and the U.S. will hold joint military drills between Aug 16-28, but they will be limited in scope due to the coronavirus outbreak.
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