USD/KRW ticked higher after BoK surprised with a 25bp cut. Pair was last at 1396 levels, OCBC’s FX analysts Frances Cheung and Christopher Wong note.
Broader sentiment is still likely to drive USD/KRW
“Disinflation pressure, slowdown in housing market and risks of slowdown in growth momentum may have justified BoK’s case. That said, a softer USD and dip in UST yield helped to negate the rise in USD/KRW.”
“Daily momentum is mild bearish while RSI fell. Consolidation likely. Support at 1392, 1385 (23.6% fibo retracement of Sep low to Nov high). Resistance at 1405, 1410 levels. Broader sentiment is still likely to drive USD/KRW’s direction until at some point later in January when market revisits the topic of any back-to-back cut.”
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