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Won Wipes Out Yesterday's Strength

KRW

The won has weakened on Thursday, USD/KRW last up 5.60 at 110.85 having rejected resistance at 1101.40.

  • The rise in USD/KRW is being led by a stronger greenback, USD went bid after reports that US President Elect Biden is to propose a $2tn stimulus package saw UST's make session lows, pushing US yields some 3bps higher.
  • Data released earlier in the session showed bank lending to households in December rose to KRW 988.8tn from a revised KRW 982.2tn in November. Mortgage loans increased KRW 6.3tn, while loans to companies decreased KRW 5.6tn.
  • The South Korean coronavirus situation appears to be improving, there were 524 cases reported in the last 24 hours, below 600 for the fourth straight day. There were Yonhap reports doing that rounds that South Korea could extend the current social distancing level.
  • The KOSPI is flat on the session, but around 100 points off record highs hit on Monday. There were reports that foreign investors sold some KRW 150bn of Korean stocks early in the session which impacted the won.
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