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Won Grows Firmer

KRW

Spot USD/KRW remains heavy after yesterday's pullback from fresh multi-month highs, the rate last sits -3.25 figs at KRW1,172.45. Bears look for a break under Sep 16 low of KRW1,165.75, which would clear the way to the 50-DMA at KRW1,159.52. Bulls look to a rebound above yesterday's high of KRW1,186.35 towards Sep 4, 2020 high of KRW1,192.75.

  • USD/KRW 1-month NDF last seen -1.86 fig. at KRW1,173.34. Downside focus falls on Sep 15 low of KRW1,166.35, while bulls look to a jump above Sep 20 high of KRW1,192.97.
  • North Korea rejected the olive branch extended by Seoul, calling Pres Moon's offer to formally declare an end to the 1950-53 war "something premature".
  • South Korea's PPI inflation registered at +7.3% Y/Y in August, while the prior reading was revised to +7.4% (fastest pace in a decade) from +7.1%.
  • As a reminder, the BoK will publish their financial stability report later today.
  • Next week's docket in South Korea is fairly busy, with consumer confidence (Tuesday), business survey & industrial output (Thursday), trade balance & Markit M'fing PMI (Friday) all coming up.
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