Greenback Weakness Drives USD/KRW Lower

USD/KRW has defied the early risk-off impetus and ebbed lower. The move
seems to be a function of a retreat in USD, with DXY printing fresh
22-month lows as we type. Little of note out of South Korea at the start
to the week.

• South Korean gov't seeks to revise the law to require foreign visitors
  infected with Covid-19 to cover the cost of their own treatment.
• The DPRK put the city of Kaesong under lockdown after a defector
  reportedly returned from South Korea with symptoms of Covid-19.
• Chosun Ilbo reported that South Korea and the U.S. are planning to conduct
  scaled-back military exercises after Aug 15, due to concerns over Covid-19.
• USD/KRW sits -2.60 fig. at KRW1,198.85. Below Jul 22 trough of
  KRW1,192.55 exposes Jul 7 low of KRW1,189.80. Bulls see Jul 24 high
  of KRW1,203.10 as their target, above there opens Jul 17 high of KRW1,206.95.
• South Korea's consumer confidence, Business Survey & industrial output are
  due Wednesday, Thursday and Friday respectively.