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The won tumbled in the Tokyo session.....>

KOREAN WON
KOREAN WON: The won tumbled in the Tokyo session and was comfortably the worst
performer in Asian FX. USD/KRW gapped up at the open, taking out the 100-DMA
which kept a lid on price action yesterday. The rate steadily extended gains
touching levels not seen since Oct 10.
- Sentiment re: global trade matters has been souring lately, with U.S.
President Trump signalling yesterday that he is in no rush to strike a trade
pact with China. Meanwhile, U.S. Commerce Sec Ross reiterated that Washington is
ready to raise tariffs on China if no agreement is reached by the Dec 15
deadline. The won came under pressure as it absorbed the news at the open.
- Meanwhile, U.S. Pres Trump wagged his finger at Chairman Kim, warning the
"Rocket Man" that Washington wouldn't hesitate to use military force if needed.
- RTRS cited unnamed dealers as suspecting South Korean FX authorities of
selling USD/KRW to curb the won's depreciation.
- USD/KRW closed at KRW1,194.55, 7.5 fig. higher. Above the 23.6% retracement of
the YtD range at KRW1,196.10 would prompt bulls to target the KRW1,200.00 mark.
Bears look for a pullback under the 100-DMA/y'day's high at KRW1,187.87/75.
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