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Won Softens, FinMin Hong Pledges Housing Market Stabilisation

KRW

Spot USD/KRW operates +3.50 figs at RW1,183.50, off its earlier session high of KRW1,187.65. A clearance of Oct 18 high of KRW1,188.40 would turn focus to KRW1,200.35, which capped gains on Oct 12. Bears keep an eye on the 50-DMA at KRW1,177.64 and a break here would open up Oct 26 low/100-DMA at KRW1,164.05/1,164.01.

  • USD/KRW 1-month NDF last seen at KRW1,184.04, ~1 fig lower on the day. Bears look to a move through Nov 9 low of KRW1,174.85, while bulls set their sights on Nov 4 high of KRW1,188.75.
  • FinMin Hong said at a housing policy meeting that the government is planning to step up efforts to stabilise the housing market, without providing much in the way of details.
  • The ruling Democratic Party (DP) has threatened to launch a probe into the finance ministry for underestimating this year's surplus tax revenue. Note that the DP has repeatedly clashed with the ministry over its presidential candidate's cash handout proposal, which drew criticism from FinMin Hong.
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