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Won Extends Weakness Even As South Korea's Factory Output Beats Expectations

KRW

Spot USD/KRW punched through key resistance from Jan 7 high of KRW1,203.90 and last sits at KRW1,204.85, 2.35 figs better off. Overnight greenback strength has helped the pair extend recent gains. Bullish focus turns to Jul 14, 2020 high of KRW1,207.75, followed by Jun 17, 2020 high of KRW1,218.60. Bears keep an eye on the ascending 50-DMA, which intersects at KRW1,189.17.

  • USD/KRW 1-month NDF last seen +1.30 fig at KRW1,206.11. A clearance of recent cycle high of KRW1,207.50 would bring Jun 17, 2020 high of KRW1,218.41 into view. Bears look for a pullback under the 50-DMA at KRW1,190.08.
  • North Korea confirmed test-firing two tactical guided missiles on Thursday, its sixth weapons drill this year.
  • South Korea's industrial output rose 6.2% Y/Y in December, printing comfortably above the median estimate of +1.8%, with the prior reading revised higher to +6.3% from +5.3%. The above-forecast increase in factory production was driven by semiconductors and automobiles.
  • Trade balance (Tuesday), Markit M'fing PMI (Thursday) & CPI (Friday) headline the local data docket next week.
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