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Won Slips, Main Opposition Party Primary Results Due

KRW

Spot USD/KRW gapped higher at the reopen, printing best levels in two weeks, reacting to overnight demand for the greenback. The rate sits +3.50 figs at KRW1,186.15 and bulls look to a breach of Oct 18 high of KRW1,188.40, which would bring Oct 12 high of KRW1,200.35 into play. Bears need a fall through the 50-DMA at KRW1,175.41 before taking aim at Oct 26 low of KRW1,164.05.

  • USD/KRW 1-month NDF last seen at KRW1,187.50, marginally above neutral levels. Topside focus falls on Oct 18 high of KRW1,189.22, followed by Oct 12 high of KRW1,201.63. Conversely, bears set their sights on the 50-DMA at KRW1,178.04.
  • The main opposition People Power party will nominate their presidential candidate today, with the result of the intra-party primary coming up at 14:45 KST/05:45 GMT. The two front-runners are lawmaker Hong Joon-pyo and former Prosecutor General Yoon Seok-youl.
  • South Korea's BoP current account surplus widened to +$10.0677bn in September from +$7.5123bn recorded in August.
  • Worth noting that South Korea's labour market data will hit the wires on Wednesday.
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