USD/KRW clings to daily gains above 1,210 following Tuesday's rally to multi-year highs

After climbing to its highest level since March 2016 at 1,224.14 on Tuesday, the USD/KRW pair lost its traction following the headlines surrounding th  |  14/08/2019 15:15
  • US-China trade headlines continue to impact KRW's valuation.
  • Disappointing Chinese data and growth worries lift USD/KRW higher.

After climbing to its highest level since March 2016 at 1,224.14 on Tuesday, the USD/KRW pair lost its traction following the headlines surrounding the US-China trade conflict and closed the day at $1,206.75. With the market sentiment turning sour again on Wednesday, the pair erased a large part of Tuesday's losses and was last seen trading at 1,213.70, adding 0.67% on the day.

Although markets cheered the Trump administration's decision to delay additional tariffs on some Chinese imports until mid-December, latest headlines hinted that this move would not necessarily bring sides closer to a final deal.

Additionally, the data from China published on Wednesday revealed that the growth rate of retail sales on a yearly basis in July fell to 7.6% from 9.8% in June and missed the market expectation of 8.6%. Moreover, industrial production in China expanded by 4.8% in the same period and fell short of analysts' estimate of 5.8%.

Technical levels to watch for

 

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