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Won Slumps To Fresh Cycle Lows

KRW

Spot USD/KRW re-opened sharply higher this morning, catching up with overnight risk-off flows. The rate deals +11.90 figs at KRW1,262.75, with bulls keeping an eye on Mar 23/19, 2020 highs of KRW1,282.60/1,296.75. Bears need a pullback under Mar 15 high of KRW1,244.00 to get some reprieve.

  • USD/KRW 1-month NDF last seen +1.50 fig at KRW1,262.56, with bulls looking to a rally towards Mar 23/19 highs of KRW1,279.46/1,287.59. Downside focus falls on Mar 15 high of KRW1,247.94.
  • SK Hynix operating profit more than doubled in Q1 to KRW2.86tn but missed the KRW3.15tn consensus forecast.
  • South Korea's consumer confidence edged higher to 103.8 this month from 103.2 prior, while households' inflation expectations for the 12 months ahead rose to +3.1% from +2.9%.
  • Business confidence will hit the wires tomorrow, as will retail sales data. Industrial output is due for release on Friday.

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