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Won Rises On Dollar Weakness, Firmer Business Sentiment & Hawkish BoK Speak

KRW

Spot USD/KRW retreated today, catching up with yesterday's losses in the greenback. The rate last operates -6.35 figs at KRW1,128.40, with bears looking for losses past the 200-DMA at KRW1,122.95. Bulls keep an eye on Jun 21 high of KRW1,138.90.

  • USD/KRW 1-month NDF last -3.68 figs at KRW1,128.36. A fall through Jun 16 low of KRW1,116.59 would please bears, while bulls look for a jump above Jun 21/May 17 highs of KRW1,139.00.
  • As a reminder, BoK Gov Lee signalled Thursday that the BoK's current monetary policy stance is "significantly accommodative" and normalisation will begin "at an appropriate time this year," triggering a re-pricing of the timing of rate hikes.
  • Sentiment among South Korean manufacturers improved to 99 in Jul from 97, according to the latest BoK Business Survey, approaching the breakeven level of 100.
  • Yonhap reported that South Korea's ex-Prosecutor General Yoon will formally announce his presidential bid next week. Yoon has taken the lead in several opinion polls ahead of the 2022 election.
  • FinMin Hong holds a meeting with ruling party officials today to debate economic policies for the second half of the year.
  • Looking ahead, South Korean industrial output hits the wires Wednesday, trade balance & Markit M'fing PMI come out Thursday, while CPI is due Friday.
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