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Won Extends Gains, Unfazed By Bleak Jobs Market Report

KRW

It may have slipped under the radar, but spot USD/KRW has been offered and printed worst levels since Feb 1, 2019. Broader USD weakness has prevailed, even as a disappointing jobs market report released out of South Korea may have limited the won's strength. The rate last trades -3.30 fig. at KRW1,111.80.

  • The unemployment rate rose to 4.2% from 3.9%, in defiance of expectations of a fall to 3.8%. Both the rise in the jobless rate and the decline in employment were largest in six months. The bleak labour market report came out after preliminary trade data, which pointed to a continued rebound in exports.
  • South Korea reported 146 new coronavirus cases on Wednesday, the highest increase since Oct 23.
  • The next downside target is provided by Jan 31, 2019 low of KRW1,108.70 and a break here would encourage bears to take aim at Dec 4, 2018 low of KRW1,104.95. For bulls, a move through Nov 4 high of KRW1,147.50 would be a sigh of relief.
  • South Korean terms of trade, due tomorrow, will conclude this week's data releases.
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