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EUR Strength Pervades After London Close

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A brief foray higher for USD/KRW yesterday was reversed at the open today, the pair last down 3.85 at 1121.09. The move higher took the pair above the 50-day moving average, currently at 1124.57, but the rate is now back below. Support is seen around 1115.00, a break of which would confirm the resumption of the bearish move for the pair, below this is the 100-day moving average at 1113.27.

  • Fig.1: USD/KRW

Source: MNI/Bloomberg

  • Data earlier in the session showed the current account surplus narrowed slightly in March, printing $7.82bn against a revised $7.94bn in March, goods trade surplus was at $7.92b in March vs $5.97b surplus for Feb, while the services deficit was at $901.6m in March vs surplus at $108.9m in Feb.
  • Vice Finance Minister Lee gave an upbeat assessment of the economic recovery late yesterday, predicting the recovery will be faster than expected. "If last year was about hanging in there, this year is about the economy rising back up for sure," Lee said. "We'll make sure policy will help maintain the momentum for recovery." Finance Minister Hong has said previously he expects a mid-to-upper 3% expansion in the economy this year, higher than the 3.2% rise expected earlier. Several banks, such as Goldman Sachs, predict growth will be above 4%. Lee also said South Korea will step up efforts to prop up the sluggish job market as the pace of job recovery remains weak amid the fallout of the pandemic.
  • On the coronavirus front South Korea reported 525 new cases in the past 24 hours, down from 574 a day earlier. With an aim of achieving herd immunity by November, the authorities are accelerating the vaccination campaign. People aged 70-74 can make reservations for inoculations with AstraZeneca's vaccine from 10 a.m. Thursday to June 3.