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Thursday’s DXY Uptick & Firmer Oil Prices Weigh On Won

KRW

The combination of Thursday’s uptick in the DXY, bid in oil (with worries re: a potential impending EU embargo of Russian oil evident) and move higher for broader U.S. Tsy yields has supported USD/KRW in early Seoul dealing, with the rate last dealing up the best part of 7 figures at KRW1,231.20.

  • News that South Korea will lift all COVID-19 social distancing rules, except a mask mandate, next week, failed to provide much in the way of meaningful support for the won.
  • The April 12 high (KRW1,238.10) continues to provide initial resistance for the cross while the most meaningful round of nearby support is located at the Mar 18 low (KRW1,207.00).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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