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Won Leads Gains In Asia Amid Greenback Weakness

KRW
EM BulletBulletMarketsEmerging MarketsForeign Exchange

Spot USD/KRW changes hands -5.95 figs at KRW1,278.20 as greenback weakness persists in the wake of Monday's sales. Bears look for a retreat under Apr 29 low of KRW1,255.25 before targeting the 50-DMA at KRW1,239.80. Bulls need a clearance of May 12 high of KRW1,291.45 before taking aim at Mar 19, 2020 high of KRW1,296.75.

  • USD/KRW 1-month NDF last -2.19 figs at KRW1,278.65. Bears look to a fall through May 4 low of KRW1,250.96, while bulls keep an eye on May 12 high of KRW1,292.69.
  • North Korea reported a continued surge in "fever" cases today but it is unclear how many of those are COVID-19 infections owing to the nation's limited testing capacity. Kim Jong-un has instructed the military to assist in medicine supplies, but the country lacks resources to mount any significant public health defence against the virus. Seoul said that North Korea has been "unresponsive" to its offers of cooperation on COVID-19 response.
  • Reminder that U.S. President Biden will touch down in the South Korean capital on Friday. Yonhap sources suggested that the POTUS could visit the Demilitarised Zone that separates the two Koreas.
  • South Korea's PPI data will be released on Friday, providing the only point of note on the data front during the remainder of this week.
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Spot USD/KRW changes hands -5.95 figs at KRW1,278.20 as greenback weakness persists in the wake of Monday's sales. Bears look for a retreat under Apr 29 low of KRW1,255.25 before targeting the 50-DMA at KRW1,239.80. Bulls need a clearance of May 12 high of KRW1,291.45 before taking aim at Mar 19, 2020 high of KRW1,296.75.

  • USD/KRW 1-month NDF last -2.19 figs at KRW1,278.65. Bears look to a fall through May 4 low of KRW1,250.96, while bulls keep an eye on May 12 high of KRW1,292.69.
  • North Korea reported a continued surge in "fever" cases today but it is unclear how many of those are COVID-19 infections owing to the nation's limited testing capacity. Kim Jong-un has instructed the military to assist in medicine supplies, but the country lacks resources to mount any significant public health defence against the virus. Seoul said that North Korea has been "unresponsive" to its offers of cooperation on COVID-19 response.
  • Reminder that U.S. President Biden will touch down in the South Korean capital on Friday. Yonhap sources suggested that the POTUS could visit the Demilitarised Zone that separates the two Koreas.
  • South Korea's PPI data will be released on Friday, providing the only point of note on the data front during the remainder of this week.