KRW has outperformed all of its peers....>

KOREAN WON: KRW has outperformed all of its peers form the Asian EMFX basket,

supported by the combination of firm South Korean CPI & improvement in risk

appetite, seen as Chinese equity futures surged into the green amid focused

policy measures deployed by China. USD/KRW trades -7.75 fig. at KRW1,187.15.

- South Korea's inflation accelerated to +1.5% Y/Y, a 14-month high. It is yet

another sign that the local economy is recovering, after better than exp. flash

GDP & industrial output, as well as some green shoots on the trade front.

- Further support came from the PBoC's continuous effort to soothe markets

rattled by the coronavirus situation. China's central bank resumed sizeable

liquidity injections & propped up the yuan via its USD/CNY fixing.

- Today's sell-off helped USD/KRW move further away from KRW1,198.50, a 4-month

high printed yesterday. Bears look for a deeper slide, perhaps through the

200-DMA at KRW1,179.60. Bulls look to retake the Dec 4 high of KRW1,195.90,

which would return the focus to yesterday's best levels.

- Remaining South Korean releases this week include foreign reserves & BoP data,

due Wednesday and Thursday respectively.