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Won Goes Bid Despite GDP Miss, FinMin Hong Outlines Details Of Fuel Tax Cut

KRW

Spot USD/KRW has extended losses through Sep 16 low of KRW1,165.75 this morning, after piercing its 50-DMA yesterday, as risk-on flows have outweighed South Korea's GDP miss. The rate sits -3.00 figs at KRW1,165.40 as we type, with bears looking to a move through the 100-DMA/Sep 6 low at KRW1,154.45/1,154.00. Conversely, a jump above Oct 22 high of KRW1,180.40 would bring Oct 18 high of KRW1,188.40 into play.

  • USD/KRW 1-month NDF last seen at KRW1,166.14, almost 3 figs lower on the day. Bears keep an eye on the 100-DMA at KRW1,159.31. On the flip side, a rebound above Oct 22 high of KRW1,181.32 would expose Oct 18 high of KRW1,189.22.
  • South Korea's GDP growth slowed to +4.0% Y/Y in Q3 from +6.0% prior, according to preliminary data released today. The print missed consensus forecast looking for a 4.3% expansion. Recall that BoK Gov Lee said that the BoK will consider another rate hike next month, if the recovery proceeds as expected.
  • FinMin Hong unveiled the details of the touted reductions to levies on fuel & LNG. The gov't will cut fuel taxes by record 20% and remove import tariff on LNG for 6 months. The off'l also said that the debt service ratio rule will be tightened to curb household debt.
  • The BoK will release their consumer confidence gauge tomorrow, with their Business Survey coming up Friday, alongside monthly industrial output data.
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