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USD/KRW Pops Higher On FBI Headlines

KOREAN WON

Spot USD/KRW popped higher on the back of aforementioned FBI headlines, before halving initial gains. It last trades +1.15 fig. at KRW1,132.80, hovering just above multi-month lows printed yesterday. Some further topside impetus and a break above Oct 13 high of KRW1,151.45 is needed to give bulls some reprieve and bring Oct 7 high of KRW1,165.95 into play. On the flip side, a clean break under Apr 18/15, 2019 lows of KRW1,133.00/1,132.10 would open up channel floor at KRW1,125.02.

  • Local health authorities have been watching the daily coronavirus case count with a sense of unease today, as it returned above 100 and registered at 121. Yonhap cited Vice Interior Min Kim as pointing to cluster infections in nursing hospitals and senior care centres.
  • Looking ahead, South Korea reports preliminary Q3 GDP data next week.
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