Early risk aversion has bumped USD/KRW...>

KOREAN WON: Early risk aversion has bumped USD/KRW higher and the rate changes

hands +5.85 fig. at KRW1,198.15. South Korea's military noted that North Korea

has fired three projectiles off its east coast. Appetite for riskier assets has

already been hammered by the spiralling Covid-19 epidemic & oil mkts rout. The

impact of softer crude prices on KRW has been cushioned by the fact that South

Korea imports virtually all of its oil consumption, but mkt moves have been

sufficiently sharp to dent general risk sentiment.

- The number of diagnosed Covid-19 cases in South Korea stands at 7,382, with

248 additional cases declared over the last 24h.

- A break above the Mar 2 high of KRW1,207.30 would fuel bullish hopes for

filling the opening gap from that day, by recovering the Feb 28 low of

KRW1,212.95. Bears look at the 200-DMA at KRW1,183.55 as their initial target.

Below would expose the 50-DMA/Mar 5 low at KRW1,180.60/1.179.90.

- S. Korea's unemployment headlines the local docket this week, hits on Weds.