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Won Falters, Yoon Names Next PM

KRW

Spot USD/KRW trades at KRW1,218.45, nearly 3 figs higher on the day, as bulls set their sights on Mar 28 high of KRW1,227.30. A clearance of that level would bring Mar 15 high of KRW1,244.00 into view. On the flip side, a retreat under the 50-DMA at KRW1,208.24 would expose the 100-DMA, which intersects at KRW1,197.26.

  • USD/KRW 1-month NDF last seen at KRW1,218.90, down 1.39 fig on the day. Bears look for losses past the 50-DMA at KRW1,210.54, while bulls would be pleased by a rebound above Mar 28 high of KRW1,228.45.
  • President-elect Yoon tapped former PM Han to become the Prime Minister in his government, with remaining nominations expected to be announced by Apr 15.
  • Reminder that relaxed social distancing rules take effect today, with the cap on private gatherings raised to 10 people.
  • Key data releases this week include CPI (Tuesday) & BoP current account balance (Friday).
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