No surprise as USD/KRW gapped lower at...>

KOREAN WON: No surprise as USD/KRW gapped lower at the reopen of onshore trade,

in the wake of yesterday's risk rally. USD/KRW last deals -5.25 fig. at

KRW1,190.50.

- South Korea's BoP current account balance flipped into a surplus in May,

printing at +$2.2861bn.

- Samsung's Q2 profits topped expectations, though it is worth noting that the

estimate included a one-off gain related to a compensation from Apple for less

display orders than promised.

- North Korea reiterated today that its officials will not speak with U.S. Dep

Sec of State Biegun when he arrives in Seoul this week.

- With the 50-DMA crossing below the 100-DMA, the initial bearish target is

provided by Jun 11 low of KRW1,188.60. A break here would open up Mar 5 low of

KRW1,179.90. Meanwhile, a move through the KRW1,200.00 mark would bring Jul 1

high of KRW1,204.65 into play.

- South Korean calendar is virtually empty during the remainder of this week.