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Bullish Engulfing Reversal Still In Play

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Short-Term Outlook Remains Bullish

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The won is stronger again, USD/KRW retreating further from the psychological 1,200 level as the tailwinds for KRW persist after the BoK signalled the November meeting would be live for a hike.

  • On the coronavirus front there were 1,940 new cases in the past 24 hours, up from 1,584 the day before. Health authorities are scheduled to announce new social distancing rules on Friday ahead of the government's plan to get people's virus-hit lives back to normal on a gradual basis starting next month.
  • Elsewhere data from the BoK showed export prices gained for the tenth straight month in September, driven by price hikes of energy and chemical products. The export price index rose 1% M/M in September and 20.2% Y/Y. Import prices also rose as oil prices continued to rise. Export data for the first 20 days of October will be released next week.
  • Meanwhile FinMin Hong said late on Wednesday that the government will take market-stabilization steps should there be increased volatility in the foreign exchange market caused by abnormal factors.