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South Korean won hits fresh 3- month high against US dollar on the back of higher than expected PPI data

  • USD/KRW is currently trading around 1154levels.
     
  • It made intraday high at 1177 and low at 1153 levels.
     
  • Pair hits fresh 3-month low on the back of positive economic data from Korea.
     
  • Korea’s PPI m/m released at 0.0% vs -0.5% previous release while year-on-year data came at -3.4% vs -3.3% previous releases.
     
  • Intraday bias remains bearish for the moment.
     
  • Pair breaks key support at 1173 mark and hits fresh 3 month low at 1153.
     
  • A sustained close below 1153 will target 1142/1129 marks thereafter.
     
  • Alternatively, reversal from key support will drag the parity up around 1180/1193/1201 marks.

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.

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