FxWirePro: South Korean won falls as CPI, manufacturing PMI data fails to meet expectations

• USD/KRW is currently trading around 1,118 levels.
   
• It made intraday high at 1,118 and low at 1,112 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 1,107 levels.
   
• A sustained close below 1,107 will test key supports at 1,092/1,078/1,063/1044 levels respectively.
   
• Alternatively, a daily close above 1,128 will drag the parity higher towards key resistances at 1,128, 1,138, 1,142, 1,152, 1,162, 1,176, 1,182, 1,196, 1,201, 1,209 (20D EMA) and 1,220 (March 03, 2016 high) marks respectively.
   
• In addition, South Korea’s Kospi was trading around 0.80 percent lower at 2,018.32 points.
   
• South Korea’s July current account balance decreases to 8.32 bln $ vs previous 11.43 bln $.
   
• South Korea’s August CPI growth decreases to -0.1 % (forecast 0.20 %) vs previous 0.1 %.
   
• South Korea’s August trade balance prelim decreases to 5.3 bln $ vs previous 7.60 bln $.
   
• South Korea’s August Nikkei markit manufacturing PMI decrease to 48.6 vs previous 50.1.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.