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Won Gives Away Initial Gains

KRW

Spot USD/KRW has clawed back opening losses and last trades at KRW1,184.90, little changed on the day. Bulls look for a clearance of Oct 18 high of KRW1,188.40, which would allow them to take aim at Oct 12 high of KRW1,200.35.

  • USD/KRW 1-month NDF last seen at KRW1,186.21, up ~3.50 figs on the day. Bulls look to a move through Nov 4 high of KRW1,188.75 before targeting Oct 12 high of KRW1,201.63. Bears would be pleased by a slide past Oct 26 low/100-DMA at KRW1,165.03/1,164.31.
  • Headwinds are mounting for South Korea's ruling Democratic Party, as their the latest PNR poll showed that their presidential candidate lags behind his opposition rival, while the approval rating of Pres Moon fell to a near record low.
  • Jobs market report headlines the local docket this week and will be published on Wednesday. Worth noting that FinMin Hong and other ministers will testify to parliament's budget committee today.
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