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Won Gets Battered By North Korea's Rocket Tests, Rising U.S. Tsy Yields

KRW

The South Korea won has been hit by a double-whammy of Friday's rise in U.S. Tsy yields and heightened geopolitical tensions on the Korean peninsula.

  • The greenback caught a bid Friday as U.S. Tsy yields crept higher, with U.S. traders sidelined by a local public holiday at the start to the new week.
  • North Korea conducted its fourth missile test this year, further ratcheting up tensions in the region. The DPRK launched two suspected short-range ballistic missiles eastwards from an airfield in Pyongyang, drawing the ire of South Korea and Japan. North Korea does not usually comment on its missile tests until the day after.
  • Worth noting that the ruling Democratic Party and the government hold a closed-doors meeting to discuss the extra budget, Yonhap reported.
  • Spot USD/KRW trades +5.05 figs at KRW1,192.35, with bulls looking for a break above Jan 7 cycle high of KRW1,203.90, a key near-term resistance. Conversely, a retreat past the 50-DMA at KRW1,186.27 would bring the 100-DMA at KRW1,180.83 into play.
  • USD/KRW 1-month NDF last seen +2.45 figs at KRW1,193.48. Bulls look to a move through Jan 6 high of KRW1,207.50, while bears keep an eye on Jan 13 low of KRW1,183.78.
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