The won re-opened on the back foot.......>

KOREAN WON: The won re-opened on the back foot after a day off for the general

election in South Korea. USD/KRW gapped higher, playing catch-up to y'day's hunt

for safety. The rate changes hands at KRW1,226.95, 9.85 fig. higher as we type.

- It seems that voters handed President Moon's Democratic Party a strong mandate

to lead the country through the coronavirus crisis. Yonhap reported that "the

ruling DP and its satellite Platform Party targeting the PR slots are forecast

to secure 180 seats, three-fifths of the total". The National Election

Commission estimates that turnout soared to 66.2%, a 28-year high. 

- The gov't has unveiled a KRW7.6tn new extra budget for cash handouts to 14.8mn

eligible households. There are no plans to issue new bonds to fund the budget.

- Cho Yoon-Je, Suh Young-Kyung, Joo Sangyong & Koh Seungbeom have replaced the

four outgoing members of the BoK's MPC.

- The key near-term resistance is defined at KRW1,242.55, Apr 2 high. A break

here would suggest the formation of a double bottom pattern, supporting the

bullish case. Bears need a drop below the 50-DMA at KRW1,212.68 & Apr 10/Mar 27

lows of KRW1,206.90/1,205.20 to reinstate downside momentum.