FxWirePro: South Korean won marginally higher despite lower than expected GDP growth data
EUR/KRW is currently trading around 1,251 mark. Pair made intraday high at 1,253 and low at 1,249 levels. Intraday bias remains neutral till the time pair holds immediate support at 1,249 mark. A consistent close below 1…
Pair made intraday high at 1,253 and low at 1,249 levels.
Intraday bias remains neutral till the time pair holds immediate support at 1,249 mark.
A consistent close below 1,249 will drag the parity down towards key supports around 1,242, 1,232, 1,229, 1,222, 1,218, 1,209, 1,203, 1,199 and 1,163 marks respectively.
Alternatively, a sustained close above 1,253 will take the parity higher towards key resistances around 1,262, 1,268, 1,272, 1,280, 1,287 and 1,304 marks respectively.
Seoul shares open up 0.46 pct at 2075.33.
South Korea Q4 GDP growth Q/Q decreases to 0.4 % (forecast 0.3 %) vs previous 0.6 %.
South Korea Q4 GDP growth Y/Y decreases to 2.3 % (forecast 2.2 %) vs previous 2.6 %.
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.
