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Won Remains On Back Foot, Presidential Campaign Wraps Up

KRW

The won remains the worst performer in Asia EM basket, even as risk aversion has eased as the Asia session has progressed.

  • Spot USD/KRW last sits +5.00 figs at KRW1,232.00 after printing a fresh cycle high. Further gains past May 25, 2020 high of KRW1,244.25 would support the bullish case. Conversely, bears look for a retreat under Jan 28 high of KRW1,207.25.
  • USD/KRW 1-month NDF last seen at KRW1,232.55, now a touch lower on the day. Bears look for a dip through Jan 28 high of KRW1,214.39, while bulls keep an eye on May 25, 2020 high of KRW1,244.46.
  • The two leading presidential candidates are holding rallies in Seoul to wrap up their campaigns on the eve of the election day. Yoon Suk-yeol of the main opposition People Power Party remains betting markets' favourite (per PredictIt data), but final polls showed that ruling Democratic Party's Lee Jae-myung is not far behind. That being said, Yoon received a fillip after the final opinion polls were out as the third-ranking candidate dropped out and backed his bid.
  • Focus moves to South Korea's BoP current account balance, due Friday.
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