Free Trial

Broader risk aversion has pushed.........>

KOREAN WON
KOREAN WON: Broader risk aversion has pushed USD/KRW higher, allowing the rate
to show above trendline resistance intersecting at KRW1,188.93 before it slipped
back under that level. Participants have shied away from riskier assets after
Apple warned that it will likely miss its revenue and sales forecasts for the
current quarter amid the Covid-19 outbreak. This red flag from Apple quickly
raised concerns over the implications for its suppliers & reinvigorated worries
re: economic fallout from the Covid-19 epidemic. 
- The rate extended gains (albeit with a slight lag) after S. Korean Pres Moon
said that his country's economic situation is an "emergency" and ministers have
been asked to come up with "preventive and special" measures. He stressed that
the current situation is worse than expected and calls for a strong response.
- South Korea confirmed another Covid-19 case; total number of cases: 31.
- USD/KRW trades +4.75 fig. at KRW1,188.70. A clean break above that trendline
at KRW1,188.93 would open up the Feb 10 high of KRW1,194.15. Bears need a fall
below the 200-DMA at KRW1,181.77 before targeting the KRW1,176.31 100-DMA.
- Trade data for the first 20 days of the month comes out on Friday.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.