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Won Gains From The Off


Spot USD/KRW trades on a heavier note, last -3.80 figs at KRW1,179.40. Further losses past the 50-DMA at KRW1,175.84 would bring Oct 26 low of KRW1,164.05 into play. Meanwhile, should bulls manage to force a break above Nov 5 high of KRW1,186.65, they could take aim at Oct 12 high of KRW1,200.35.

  • USD/KRW 1-month NDF last seen at KRW1,180.95, ~1 fig lower on the day. A fall through the 50-DMA at KRW1,178.68 would expose Oct 26 low/50-DMA at KRW1,165.03/1,164.74. Bulls keep an eye on Nov 4 high of KRW1,188.75 and a break here would open up Oct 12 high of KRW1,201.63.
  • FinMin Hong reiterated his pushback against ruling the idea to provide emergency universal cash handouts. Ruling Democratic Party's presidential candidate Lee had previously voiced support for the proposal.
  • Maeil Business Newspaper cited an unnamed source in the Democratic Party as noting that Lee is seeking one-year delay in tax on gains from cryptocurrency trading.
  • South Korea's labour market data will be published tomorrow. Bloomberg consensus looks for a modest uptick to 3.1% from 3.0%.
  • Pres Moon chairs Cabinet meeting today, with FinMin Hong set to attend a parliamentary session thereafter.

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