USD/KRW Re-opens On Firmer Footing After Trump's Fiscal Tweet

Spot USD/KRW jumped at the re-open in a delayed reaction to the aforementioned fiscal tweet from U.S. President Trump. The rate deals +3.25 fig. at KRW1,164.30 as we type, off early highs.

• South Korean authorities continue to monitor the local coronavirus situation after the daily case count returned above 100 on Wednesday, in the wake of the recent holidays.
• Fitch affirmed South Korea at AA-, leaving its outlook at stable. Accompanying commentary praised South Korea's "robust policy response", which helped limit the hit to economic growth and public finances from the coronavirus crisis.
• The key near-term resistance is provided by Sep 28 high of KRW1,174.80. A rally past that level would please bulls, allowing them to look at the 50-DMA, intersecting at KRW1,182.38. Bears look for a retreat under the cycle low of KRW1,157.00 printed yesterday, which would confirm the resumption of a downtrend.
• South Korean BoP current account balance hits the wires tomorrow and, looking further afield, the BoK will deliver its MonPol decision next Wednesday.