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Won Slips In Morning Trade

KRW

Spot USD/KRW jumped in early trade, lodging best levels in a month. The rate last sits +2.80 figs at KRW1,239.40. Topside technical focus falls on KRW1,244.00, a cycle high printed on Mar 15. Bears look for a sell-off past Apr 14 low of KRW1,222.95.

  • USD/KRW 1-month NDF last seen at KRW1,239.23, a touch lower on the day. Bears look for losses past Apr 13 low of KRW1,222.27, while bulls keep an eye on Mar 15 high of KRW1,247.94.
  • The IMF slashed its 2022 GDP outlook for South Korea to +2.5% Y/Y from +3.0% and revised the inflation outlook sharply higher to +3.1% Y/Y from +0.9%.
  • South Korea's PPI will hit the wires tomorrow morning, with preliminary trade data due a few hours later.
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