USDKRW hits six-month low, delighted by dovish comments from Fed chairman in Jackson Hole Symposium. It hit a low of 1317.95 on Monday and is currently trading around 1335.08.
Bank of Korea monetary policy-
BOK kept its rates unchanged at a 15-year high of 3.50% for the 13th consecutive time. Out of 7 board members, the number of members who voted for a rate cut in the next three months increased to 4 from the previous 2.
“The board will examine the proper timing of rate cuts,” BOK Gov Rhee said
The central bank has downgraded its GDP and inflation to 2.4% and 2.5% for 2024, from May month’s 2.5% and 2.6%.
Technical analysis-
Major resistance- 1400
Near-term resistance - 1350, 1362
Minor support- 1315,1285
Trend reversal level- 1215
Daily chart - Bullish divergence
It is good to buy on dips around 1325-26 with SL around 1314 for a TP of 1349/1362.
