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Won Gains After Fed Meeting Despite Stricter Covid Countermeasures At Home

KRW

Spot USD/KRW has faltered after the FOMC MonPol decision inspired greenback sales on Wednesday, despite South Korea's difficult Covid-19 situation. The rate last trades at KRW1,182.15, 3.80 figs lower on the day. A fall through the 100-DMA at KRW1,173.31 would bring Oct 26 low of KRW1,164.05 into view. Bulls look to a bounce above Dec 15 high of KRW1,187.15 towards Nov 29 high of KRW1,195.70.

  • USD/KRW 1-month NDF last seen at KRW1,181.82, almost 3 figs worse off. Downside focus falls on Dec 8 low of KRW1,171.75, while bulls set their sights on Nov 26 high of KRW1,198.18.
  • PM Kim announced the tightening of social distancing measures as South Korea's daily Covid-19 cases stayed above 7,000, while the number of critical cases hit another all-time high. The government will reduce the maximum size of private gatherings to 4 and reinstate a 9pm curfew on restaurants, cafes and entertainment venues, with tighter measures due to take effect from Saturday.
  • South Korean economic officials sang their usual post-FOMC refrain, noting that the impact on domestic markets will be limited, but they stand ready to intervene and ensure market stability if needed.
  • BoK Gov Lee will hold a bi-annual press briefing on inflation this afternoon.
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