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Still Looking For Weakness

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Spot USD/KRW has cleared a layer of resistance defined just shy of the KRW1,191 figure, which had been capping gains earlier this week. The rate now trades +2.45 figs at KRW1,192.30 as Covid jitters return. Bulls set their sights on KRW1,200.35, which represents a cycle high printed on Oct 12. Bears look for losses past the 50-DMA at KRW1,181.05 towards Nov 16 low of KRW1,175.50.

  • USD/KRW 1-month NDF last +2.59 figs at KRW1,193.85. A break above Nov 19 high of KRW1,194.68 would bring Oct 12 high of KRW1,201.63 into play. Bears see the 50-DMA at KRW1,183.85 as their initial target, followed by Nov 9 low of KRW1,174.85.
  • South Korea's daily Covid-19 cases stayed below 4,000 today, but critical cases hit a fresh record high. The government will announce measures to strengthen social distancing on Monday.
  • The data docket in South Korea is quite tightly packed next week and includes industrial output (Tuesday), trade balance (Wednesday) as well as final GDP & CPI (Thursday).