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Won Goes Offered, New President Takes Office

KRW

Spot USD/KRW has advanced and now deals at KRW1,277.70, up 4.05 figs on the day. Bulls continue to eye Mar 23, 2020 high of KRW1,282.60 for initial resistance. Bears look for a pullback under Apr 29 low of KRW1,255.25 towards Mar 15 high of KRW1,244.00.

  • USD/KRW 1-month NDF last seen +2.36 figs at KRW1,277.90. Bulls look to further gains past Mar 23, 2020 high of KRW1,279.46, while bears keep an eye on May 4 low of KRW1,250.96.
  • The transition of power began as new President Yoon Suk-yeol received his first military briefing at midnight. The formal inauguration ceremony will be held at 11am local time.
  • South Korea's BoP current account surplus widened to $6.729bn in March from $6.419bn in February. Last year March surplus was $7.499bn.
  • Looking ahead, jobs data will hit the wires on Wednesday, with terms of trade due Friday.
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