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Will Chuseok Holidays Bring Flare-Up In Covid Cases?

KRW

Overnight greenback rally pushed spot USD/KRW higher at the reopen and the rate last sits 3.50 figs better off at KRW1,175.25. A clearance of the nearby Sep 13 high of KRW1,176.95 would bring Aug 20 high of KRW1,181.10 into play. Bears look for a pullback under Sep 16 low of KRW1,165.75, which would clear the way to the 50-DMA at KRW1,158.47.

  • USD/KRW 1-month NDF last seen at KRW1,176.31, a touch higher on the day. Bulls look for a rally above Sep 13 high of KRW1,177.82 towards Aug 20 high of KRW1,184.78, while bears keep an eye on Sep 15 low of KRW1,166.35, followed by the 50-DMA at KRW1,158.98.
  • The Finance Ministry will publish their monthly economic assessment at 10:00 KST/02:00 BST.
  • South Korea will observe the Chuseok holidays, which will result in a market closure through Wednesday. Domestic health officials are vigilant amid concerns over a potential flare-up in Covid-19 cases, inspired by expectations of heightened travel activity during the festive season.
  • On the data front, South Korean preliminary trade data & PPI, due Thursday and Friday respectively, will take focus next week.
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