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Won Prints Two-Month High On Greenback Sales, Confidence Data, Samsung Profit Beat


Spot USD/KRW went offered at the re-open, hitting worse levels in two months, as the rate played catch up with post-FOMC greenback sales, while the won drew support from the improvement in the BoK's confidence gauges & a beat in Samsung's quarterly profit. The rate last sits at KRW1,107.80, 5.10 figs lower on the day.

  • The BoK's latest Business Survey showed that confidence among manufacturers improved to a new decade high of 98 in May from 91 seen in Apr. Sentiment gauge for non-manufacturers rose to 82 from 78.
  • Samsung declared a net Q1 profit of KRW7.1tn, which comfortably topped BBG estimate of KRW6.7tn.
  • South Korea said Wednesday that it will allow vaccinated residents to skip the mandatory two-week quarantine after returning from an international travel or having contact with a Covid-19 case, if they return a negative test & show no symptoms of infection.
  • Looking ahead, Statistics Korea will release local industrial output data on Friday.
  • Losses past the 61.8% retracement of the YtD rally at KRW1,105.12 would bring Feb 16 low of KRW1,097.25 into view. On the topside, a rally above Apr 23 high of KRW1,120.80 would open up the 50-DMA at KRW1,123.04.

Fig. 1: South Korea Business Survey Manufacturing vs. Non-Manufacturing

Source: MNI - Market News/Bloomberg

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