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Won Loses Ground, South Korea's Trade Balance Flips Into Deficit

KRW

Spot USD/KRW has caught a bid this morning and last sits +6.10 figs at KRW1,218.00. From a technical point of view, topside focus falls on Mar 28 high of KRW1,227.30, followed by Mar 15 high of KRW1,244.00. Bears need a sell-off past the 50-DMA at KRW1,207.78 before setting their sights on the 100-DMA at KRW1,196.95.

  • USD/KRW 1-month NDF last +3.17 figs at KRw1,218.40. Bulls keep an eye on Mar 28 high of KRW1,228.45, while bears look for a dip through the 50-DMA at KRW1,210.06.
  • PM Kim announced that the limit on private gatherings will be raised to 10 people while the business hour curfew will be moved to midnight from Monday as daily Covid-19 cases have begun to ease. The details were earlier reported by Chosun Ilbo.
  • South Korea's monthly trade balance flipped into a deficit of $140mn last month from a surplus of $831mn recorded in February, while annual exports growth narrowly missed expectations.
  • Monthly CPI data (Tuesday) & BoP current account balance (Friday) will take focus next week.
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