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Won Under Pressure As South Korea Returns From Holiday, Daily Covid-19 Cases Surge Past 200k

KRW

Spot USD/KRW trades on a slightly firmer footing as onshore markets re-open after a holiday, digesting latest news flow surrounding the Russo-Ukrainian war and its implications for global markets. The rate operates +2.65 figs at KRW1,205.15, with bulls looking to a move through Feb 28 high of KRW1,208.30, followed by Jun 17, 2020 high of KRW1,218.60. Bears keep an eye on Feb 23 low of KRW1,189.85.

  • USD/KRW 1-month NDF little changed at KRW1,206.40. Bears look for losses past Feb 23 low/100-DMA at KRW1,190.57/1,189.71, while bulls take aim at Feb 24/Jan 28 highs of KRW1,212.37/1,214.39.
  • Daily Covid-19 caseload topped 200k for the first time since the outbreak of the pandemic as the spread of Omicron shows no signs of slowing.
  • South Korea's industrial output rose 4.3% Y/Y in January, missing the median estimate of +6.4%. The monthly reading came in at +0.2% M/M, missing consensus forecast of -1.5%.
  • Focus on the data front turns to quarterly GDP (Thursday) and monthly CPI (Friday).
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