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KOREAN WON: The won leads gains in Asian EMFX basket as risk appetite has picked
up. Sentiment has been buoyed by reports of progress in research into a
coronavirus vaccine (downplayed by the WHO), hopes for the containment of the
deadly disease (no. of deaths & cases tick ever higher) & for policy action to
mitigate the economic toll.
- KRW is printing fresh session highs vs. USD China decided to halve additional
tariffs on $75bn worth of U.S. goods, effective on Feb 14.
- USD/KRW has shed 10.20 fig., last trades at KRW1,181.20. The nearby 38.2%
retracement of the YtD range/200-DMA at KRW1,180.22/11 provide the initial
bearish target. A break opens the 100-DMA at KRW1,176.86. A further sell-off
would expose the Jan 29 low/50-DMA at KRW1,173.95/58. Bulls need a rebound above
the KRW1,190.00 mark to bring the Feb 3 high of KRW1,198.50 into view.
- South Korea confirmed 4 more coronavirus cases today, bringing the domestic
count to 23. Three of them are probably human-to-human transmissions. On the
bright side, on Wednesday a South Korean man was released from hospital, having
recovered from a coronavirus infection.