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KRW: USD/KRW Holding Above 1370, RSI Remains Overbought

KRW
EM BulletBulletSouth KoreaAPACEmerging Market News

Spot USD/KRW ended Friday trade just under 1471, within recent ranges. Dec 27 highs of 1486.85 remain intact, but upside focus is likely to remain for the pair. The 20-day EMA sits back near 1446.6 on the downside. The RSI (14) is overbought, the reading last near 80.00, but has been in overbought territory since late Dec. 

  • Earlier we had Dec FX reserves print, which was little changed at $415.6bn. Despite the sharp depreciation in the won in recent months, FX reserves haven't been materially impacted.
  • Focus is likely to remain on hedging activities of the National Pension Service and whether we see more won support now that 1450 has been broken on the topside for USD/KRW.
  • Local political turmoil continues, with the authorities still trying to arrest President Yoon. Recent attempts by the anti-corruption body to arrest Yoon have proven unsuccessful. The deadline to arrest him expires today but the body is seeking an extension.
  • The longer the turmoil drags on the bigger the drag it will be on domestic confidence. The next BOK decision is due on Jan 16 (next Thursday). 
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Spot USD/KRW ended Friday trade just under 1471, within recent ranges. Dec 27 highs of 1486.85 remain intact, but upside focus is likely to remain for the pair. The 20-day EMA sits back near 1446.6 on the downside. The RSI (14) is overbought, the reading last near 80.00, but has been in overbought territory since late Dec. 

  • Earlier we had Dec FX reserves print, which was little changed at $415.6bn. Despite the sharp depreciation in the won in recent months, FX reserves haven't been materially impacted.
  • Focus is likely to remain on hedging activities of the National Pension Service and whether we see more won support now that 1450 has been broken on the topside for USD/KRW.
  • Local political turmoil continues, with the authorities still trying to arrest President Yoon. Recent attempts by the anti-corruption body to arrest Yoon have proven unsuccessful. The deadline to arrest him expires today but the body is seeking an extension.
  • The longer the turmoil drags on the bigger the drag it will be on domestic confidence. The next BOK decision is due on Jan 16 (next Thursday).