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KOREAN WON: South Korea returns from holidays seeing USD/KRW open sharply
higher, in a delayed reaction to the most recent developments surrounding the
Wuhan coronavirus situation. The pair has pulled back from its earlier session
high of KRW1,177.85 and last trades +7.75 fig. at KRW1,176.40.
- Increasing death toll in China & reports of new infections both in China and
abroad interrupted LNY holidays, which saw a number of mkt closures across Asia
yesterday, incl. in S. Korea. The fourth case of coronavirus in the country was
confirmed on Monday, adding to the mounting worries re: spreading disease & its
econ implications. Earlier today, FinMin Hong pledged to use KRW20.8bn from an
existing emergency fund to try and contain the spread of the virus.
- Bulls have the upper hand and look to extend gains above the Jan 8 peak at
KRW1,179.25, with the aim of filling the gap from the Dec 12 low of KRW1,185.55.
This may be impeded by today's bearish 100-/200-DMA crossover (KRW1,178.33/42).
Bears need a pullback under the 50-DMA at KRW1,171.07 to open up the Jan 23 high
of KRW1,168.85. Below the latter level would see today's opening gap filled.
- S. Korean calendar this week is headlined by Friday's industrial output data.