FxWirePro: South Korean won falls against major peers despite lower than expected unemployment rate

• EUR/KRW is currently trading around 1,238 mark.
   
• Pair made intraday high at 1,238 and low at 1,234 levels.
   
• Intraday bias remains slightly bullish till the time pair holds immediate support at 1,232 mark.
   
• A sustained close above 1,235 will take the parity higher towards key resistance around 1,242, 1,255, 1,260, 1,269 and 1,272 marks respectively.
   
• On the other side, a consistent close below 1,232 will drag the parity down towards key supports around 1,227, 1,222 and 1,210 marks respectively.
   
• Seoul shares open up 0.35 pct at 2043.07.
   
• South Korea’s November import price growth y/y increases to 3.6 % vs previous -0.6 %.
   
• South Korea’s November export price growth y/y increases to 3.8 % vs previous -1.4 % (revised from -1.6 %).
   
• South Korea’s November unemployment rate decreases to 3.6 % vs previous 3.7 %.
   
• Fitch on South Korea - Political institutions appear strong to ensure orderly and constitutional resolution without negative impact on sovereign credit profile.


• Fitch- Still expects GDP growth of 2.5%-3.0% in 2017 and 2018, which is above 1.6% median for 'AA'-rated countries.

We prefer to go long on EUR/KRW only above 1,241, with stop loss at 1,232 and target of 1,255/1,260.