The trend in EUR/KRW has turned the other way in the past quarter as analysts at ANZ Bank were expecting upside risk in EUR/KRW because South Korea was being hit hard by the COVID-19 outbreak.
Key quotes
“Even though the Korean economy is still hurt by the slump in external demand, the impact of the virus outbreak is less severe.”
“We see downside risk of around 4% in the cross in the remainder of the year. We expect EUR/KRW to head toward the support window of 1270-80 by the end 2020.”
“We recommend selling rallies in the cross, preferably in the 1340-1350 area which could be seen in the coming months before the cross breaks lower.”
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