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Won Retreats Upon Return From Holiday

KRW

Spot USD/KRW trades on a firmer footing as onshore markets re-open after a public holiday. The rate last sits at KRW1,273.85, that is 7.90 figs higher on the day, after printing a new cycle high at KRW1,276.05. Bulls look for a push through Mar 23, 2020 high of KRW1,282.60, while bears would be pleased by losses past Apr 29 low of KRW1,255.25.

  • USD/KRW 1-month NDF last seen +4.29 figs at KRW1,274.05. Topside focus falls on Apr 28 high of KRW1,277.09, while bears keep an eye on May 4 low of KRW1,250.96.
  • Vice FinMin Lee flagged concerns about sensitive reactions of local financial and FX markets, adding that the authorities will closely monitor market situation and take active stabilisation measures if needed.
  • Next week's data calendar includes BoP current account balance (Tuesday), unemployment (Wednesday) and terms of trade (Friday).
  • Reminder that President-elect Yoon Suk-yeol will formally take office on Monday.
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