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Free AccessWon Narrows In On Cycle Lows Owing To Hawkish Fed
Hawkish rhetoric from the Fed in the wake of their monetary policy meeting concluded Wednesday pushed spot USD/KRW higher, with the rate topping out within touching distance from a recent cycle high. In addition, Samsung's Q4 profit missed expectations (see caveats below), while North Korea resumed its missile drills, which may have further undermined the won.
- Samsung's profit rose to KRW10.64tn in Q4, missing median estimate of KRW11.10tn, as the company distributed a one-off bonus to staff and ramped up spending on production technology. Nonetheless, they still posted the fourth consecutive record quarter of sales.
- North Korea fired two suspected short-range ballistic missiles today in its sixth drill this month, drawing the ire of Seoul and Tokyo. Pyongyang has not conducted as many missile tests in a single month since 2019.
- For the record, the results of the BoK's most recent Business Survey were mixed. Manufacturers' confidence fell to 90 from 92, while sentiment among non-manufacturers rose to 82 from 78. Meanwhile, South Korea's retail sales growth accelerated to +11.6% Y/Y in December from +9.6% prior. Looking ahead, industrial output data for the month of December. will hit the wires on Friday.
- Spot USD/KRW last sits +4.50 figs at KRW1,202.25, with topside focus fixed on Jan 7 cycle high of KRW1,203.90. A clearance of that level would bring Jul 14, 2020 high of KRW1,207.75. Bears see the 50-DMA at KRW1,188.67 as their initial target.
- USD/KRW 1-month NDF last +1.68 fig at KRW1,203.65. Bulls set their sights on Jan 6 high of KRW1,207.50, while bears keep an eye on the 50-DMA at KRW1,189.76.
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