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GDP Marginally Beats Expectations, FinMin Warns Against Consequences Of War In Ukraine

KRW

Spot USD/KRW trades -2.35 figs at KRW1,203.65 in the wake of Wednesday's comments from Fed Chair Powell, who expressed support for a more measured 25bp rate hike this month. Bears look for further losses towards Feb 23 low of KRW1,189.85. Meanwhile, a rebound above Feb 28 high of KRW1,208.30 would bring Jun 17, 2020 high of KRW1,218.60 into view.

  • USD/KRW 1-month NDF last seen at KRW1,204.60, a touch higher on the day. Bulls see Feb 24/Jan 28 highs of KRW1,212.37/1,214.39 as their initial targets, while bears keep an eye on the 100-DMA at KRW1,189.90.
  • FinMin Lee warned that the war in Ukraine is disrupting grain shipments from this country, while sweeping sanctions against Russia may generate knock-on effects on various sectors. The official pledged swift market stabilisation measures if needed.
  • South Korea's economy grew 4.2% Y/Y in 4Q2021, according to the preliminary reading, exceeding consensus forecast by 0.1pp. Full-year growth printed at +4.0% Y/Y, falling in line with expectations.
  • The next point of note on South Korea's data calendar is provided by monthly CPI, due for release tomorrow.
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