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Won Falters Despite Strong Samsung Earnings Report

KRW

Spot USD/KRW reopened on a firmer footing and holds above neutral levels, despite a strong earnings report from Samsung. The rate sits +2.20 figs at KRW1,172.65, with bulls looking to a move through Oct 22 high of KRW1,180.40, which would clear the way to Oct 18 high of KRW1,188.40. Bears keep an eye on Oct 26 low of KRW1,164.05 and a break here would expose the 100-DMA at KRW1,155.71.

  • USD/KRW 1-month NDF last seen at KRW1,173.79, a touch higher on the day. Bulls eye Oct 22 high of KRW1,181.32 for initial resistance, while bears see Oct 26 low of KRW1,165.03 as their initial target.
  • South Korea's daily Covid-19 cases topped 2,000 for the first time in 20 days, generating a sense of concern ahead of the planned shift to "living with Covid-19" from next month.
  • Global chip shortage has been a boon for Samsung, who reported record-breaking quarterly revenue today. In the third quarter, net income firmed by almost a third to KRW12.06tn from last year, topping BBG median estimate of KRW11.54tn.
  • South Korea's Ministry of Trade, Industry and Energy will publish retail sales data for the month of September today. After that, focus will move to Friday's BoK Business Survey & industrial output.
  • Worth flagging that the BoK hold a board meeting today but it is not related to interest-rate decision.
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