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Won Retreats Amid USD Outperformance, North Korea Resumes Missile Tests

KRW

The South Korean won leads losses in emerging Asia as U.S. Tsy yields have crept higher (last +1.7-3.3bp across the curve) and the ADXY index has faltered.

  • Spot USD/KRW last deals +17.70 figs at KRW1,343.10, with bulls looking to a move through the 100-DMA (KRW1,358.44). Bears keep an eye on Nov 14 low of KRW1,309.20.
  • USD/KRW 1-month NDF last +5.92 figs at KRW1,342.85. Topside focus falls on the 100-DMA at KRW1,362.62, while bears look for losses past Nov 15 low/200-DMA at KRW1,306.95/1,303.52.
  • North Korea test-fired a short-range ballistic missile into the East Sea, South Korea's Joint Chiefs of Staff said. Its Foreign Minister had earlier warned that the North would take "fiercer" actions if the U.S. and its allies continue to build deterrence capabilities in the region.
  • South Korean FX and stock markets opened one hour later than usual today due to the national college entrance exams. The FX market will close as usual, while stock market closure will be delayed by one hour.
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