South Korean Won: Export surge supports KRW recovery – OCBC
OCBC strategists Sim Moh Siong and Christopher Wong report that the Korean Won (KRW) strengthened alongside gains in tech equities, lower Oil prices and strong export data, including a surge in semiconductor shipments.
The South Korean Won (KRW) experienced a strengthening trend, bolstered by gains in technology equities, declining oil prices, and robust export figures. This included a notable surge in semiconductor shipments, which contributed to the currency's recovery. OCBC strategists Sim Moh Siong and Christopher Wong identified bearish engulfing patterns and rejection near the 1388 mark in USD/KRW, suggesting potential for short-term downside risk.
However, the report highlighted that patchy foreign equity flows may necessitate continued foreign investment to solidify the KRW's stance. Despite these factors, the overall momentum for the KRW remained bullish, with support levels observed at 1364 and 1350, and resistance identified at 1388, 1405, and 1405.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
