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An impressive showing from KRW today.....>

KOREAN WON
KOREAN WON: An impressive showing from KRW today. The currency has benefited
from better than forecast South Korean industrial output data and a solid
Samsung earnings report, which saw elevated smartphone demand offset a slide in
the company's chip business. Augmented by broader USD weakness, this exerted
pressure on USD/KRW briefly sending it below KRW1,160.00. Reaction to
yesterday's FOMC MonPol decision has weighed on the pair, as it played catch-up
at the open. Worth mentioning that South Korean semiconductor inventories fell
the most in two years, inspiring hopes that the worst is already behind when it
comes to global tech demand.
- This comes after the rate took a sigh of relief yesterday, with traders buying
the recent dip amid a broadly cautious mood pre-FOMC.
- USD/KRW trades at KRW1,160.80 at typing, 7.20 fig. lower on the day. Bears
look for a dip below the Jul 1 high of KRW1,159.00, which would fill the gap
opened on Jul 2 & expose the 61.8% retracement of the YtD range at KRW1,152.40.
Bulls need to recoup the YtD mid-point/200-DMA at KRW1,165.90/95 before setting
their sights on psychological resistance at KRW1,170.00.

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