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Won Strengthens After Data Beat

KRW

The won has strengthened on Wednesday, benefitting from a weaker greenback, strength in equities and a beat in industrial output data. USD/KRW last down 6.10 at 1086.05, compared to session lows of 1085.65.

  • Broad-based greenback sales into the end of the month, quarter and year were a driving force through the session. Focus fell on U.S. fiscal affairs, with optimism re: approval of the U.S. House for increasing stimulus checks tempered by Senate Majority Leader McConnell's objection to a motion to pass the bill unanimously. It now seems unlikely the Senate will have chance to consider the deal before Congress adjourns Sunday.
  • Industrial production rose 0.5% Y/Y in November, compared to expectations for a 0.5% decline. Business survey results dropped from the previous month, signalling tough times could be ahead.
  • South Korean markets have shrugged off some coronavirus concerns. South Korea reported 1,050 new coronavirus cases over the last 24 hours vs. 1,046 the previous day – the second straight day daily cases exceed 1,000.
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