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USDCAD TECHS

Consolidation Mode But Remains Bearish

AUDUSD TECHS

Fails To Hold Onto Thursday’s High

US

'Big Tech' Bill Goes To Senate

COMMODITIES

Oil Up For Fifth Week On Supply Disruption, Geopolitics

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Spot USD/KRW has reversed its initial gain and last changes hands at KRW1,192.50, less than 1 fig lower on the day. The rate printed a fresh multi-week high earlier today, but struggled to hold onto those gains amid the reassessment of the global Covid-19 situation. Bears need further losses past the 50-DMA at KRW1,181.40 to bring Nov 16 low of KRW1,175.50 into play. Bulls see Oct 12 cycle high of KRW1,200.35 as their key near-term target.

  • USD/KRW 1-month NDF last seen at KRW1,193.60, ~3 figs lower on the day. Bearish focus falls on the 50-DMA at KRW1,184.03, while bulls look to a rebound above Oct 12 cycle high of KRW1,201.63.
  • South Korea has banned inbound flights from eight African countries amid concerns over the Omicron variant. At home, critical cases hit another record high. Pres Moon will hold a meeting at 14:00 local time to assess the Covid-19 situation, with ministers set to hold a briefing once they wrap up.
  • Vice FinMin Lee said that South Korea will monitor local and global financial markets on a 24h basis, keeping an eye on the impact of the Omicron variant. The gov't will review market stabilisation measures and stands ready to act pre-emptively and aggressively.
  • Local highlights this week include retail sales (today), industrial output (Tuesday), trade balance (Wednesday) as well as CPI & final GDP (Thursday).