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Won Undermined By Russia/Ukraine Jitters

KRW

Spot USD/KRW continues to trade on the front foot, last +3.70 figs at KRW1,195.65. Bulls need a push through Feb 11 high of KRW1,201.50 before targeting Jan 28 high of KRW1,207.25. On the flip side, a clean break below the 50-DMA at KRW1,192.81 would shift focus to the 100-DMA at KRW1,187.55.

  • USD/KRW 1-month NDF up ~1 fig on the day at KRW1,196.32, with topside focus falling on Jan 28 high of KRW1,214.39. Bears look for a sell-off past the 100-DMA at KRW1,189.24.
  • Local officials are on the alert for any knock-on effects of the ongoing Russia/Ukraine crisis. The BoK pledged to operate a 24h monitoring system as the nation's real economy and financial markets may be affected. Meanwhile, Pres Moon will chair a meeting of the National Security Council to discuss the situation in eastern Ukraine and its implications.
  • Worth noting that parliament approved increasing the extra budget to KRW16.9t from the initial KRW14.0tn Monday.
  • The BoK will conclude their monetary policy meeting on Thursday and are expected to keep interest rates unchanged. Data-wise, focus turns to business sentiment data (Wednesday) & PPI (Thursday).
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