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Won Takes Hit From Hawkish Fed Musings

KRW

Onshore won underperforms its regional peers after hawkish Fedspeak sent U.S. Tsy yields rallying overnight, with FOMC's Brainard calling for rapid reduction of the Fed's balance sheet to start next month.

  • Spot USD/KRW sits +6.80 figs at KRW1,219.50 at typing. Bulls look to a move through Mar 28 high of KRW1,227.30 towards KRW1,244.00, the high print of Mar 15. On the flip side, bears look for sales past the 50-DMA, which intersects at KRW1,209.17.
  • USD/KRW 1-month NDF last seen at KRW1,219.85, barely changed on the day. Bulls look for a jump above Mar 28 high of KRW1,228.45, bears eye the 50-DMA at KRw1,211.27 for initial support.
  • Yonhap reported that South Korea will add 100 international flights a week amid signals that the spread of Covid-19 is slowing.
  • The Cabinet will hold an extraordinary meeting to approve funds for President-elect Yoon's plan to relocate the presidential office.
  • Looking ahead, South Korea's BoP current account balance will hit the wires on Friday.
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