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KOREAN WON: Rising instability on the Korean peninsula has garnered much
attention recently, with the BoK noting just ahead of the reopen of onshore KRW
trade that it keeps an eye on financial markets as geopolitical concerns may
increase volatility. Spot USD/KRW last changes hands +6.50 fig. at KRW1,213.65.
- BoK Dep Gov and other senior central bank off'ls held a meeting earlier today
to debate the potential impact of inter-Korean tensions on financial mkts.
- Meanwhile, South Korea's Finance Ministry said that USD/KRW rose mostly thanks
to a stronger USD, while tensions with northern neighbour have had a limited
impact. The gov't will stay alert and is ready to take "timely measures".
- Just to recapitulate, North Korea blew up a liaison office (currently emptied
due to the Covid-19 outbreak) and said it would deploy troops to inter-Korean
business sites in the DPRK & resume regular military exercises near the border.
- Elsewhere, concerns over the resurgence of Covid-19 in Beijing weigh on
broader sentiment, with the latest news on the matter bumping USD/KRW higher.
- A clean break above the 100-DMA at KRW1,214.05 would open Jun 3 high of
KRW1,220.05. Bears look for a dip through Jun 12 low of KRW1,203.35.