The KRW has struggled in recent..........>

KOREAN WON: The KRW has struggled in recent sessions on the back of the trade

spat with Japan, which has resulted in pledges of targeted support from the

South Korean government. Last week also saw the MoF lower its GDP & CPI

forecasts for 2019, while Samsung Electronics produced questionable earnings

guidance (beat very low exp. while pointing to a sizeable Y/Y dip). Calls for

rate cuts from the BoK seem to be on the rise, once again.

- USD/KRW deals 9 figures or so higher at writing, last KRW1,179.85.

- The pair has posted a series of higher lows since a false break below

trendline support drawn from the YtD low, with bulls managing to clear the 38.2%

& 23.6% retracement levels of the rally from the December 2018 low to the YtD

high. They now look to fill the gap from the June 18 close at KRW1,185.75 before

turning their sights to old resistance at KRW1,187.55