DOLLAR-WON: KRW has regained some poise after........>

DOLLAR-WON: KRW has regained some poise after yesterday's slump, which was

driven by an intensification in the Japan-South Korea trade spat.

- Early headlines from Yomiuri pointing towards a meeting between Japanese &

South Korean delegates as soon as this week saw USD/KRW open lower, with the

rate pressing on to session lows in early Seoul trade, although closer

inspection of the story revealed that there would be no negotiations surrounding

Japan's export restrictions to Korea, and that such a meeting will be used as

more of an explanatory forum. This became clear when several Japanese

policymakers noted that they are not considering withdrawing the restrictions at

present. Japanese Trade Min Seko went on to note that the restrictions could be

deepened or eased, based upon SK's response. USD/KRW trades off session lows as

a result, last 2 figures or so lower at KRW1,180, keeping the trend of higher

daily lows intact. Bulls continue to look to fill the gap from the June 18 close

at KRW1,185.75 before turning their sights to old resistance at KRW1,187.55.

- Focus on an address from the South Korean Industry Minister at 16:00 Seoul

time (08:00 London).