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Won Off Session Highs As Virus Cases Drop Amid New Restrictions

KRW

The won coming off worst levels as South Korea reports new coronavirus cases under 1,000 for the second day.

There were 869 new cases reported today. New restrictions announced recently to close ski slopes and tourist attractions will be in effect from Thursday until Jan 3.

  • Seoul is currently under level 2.5, the second highest in a five-tier scheme, as authorities continue to weigh the pros and cons of adopting level 3 rules, the rest of the country is under level 2.
  • Restrictions will also apply to private gatherings of five or more people, while restaurants and nursing homes will face tighter social distancing rules.
  • USD/KRW last up 2.25 at 1105.15, off session highs at 1107.15 – exactly at short term trend channel upper resistance, lows at 1103.50. Near term resistance is seen at the December high of 1108.90 (hit Dec 1) with more significant resistance at 1109.75. Support is seen at trend channel lower at 1095.82 and 1090.
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