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USD/KRW Catches Up With Dollar Appreciation

KOREAN WON

Spot USD/KRW re-opened higher, tracing the overnight move in USD, which benefitted from aforementioned overtones in minutes from the FOMC's most recent MonPol meeting. The pair last trades +2.85 fig. at KRW1,184.20 at typing.

  • South Korea declared the largest increase in new coronavirus cases since March yesterday, which continues to keep officials on alert.
  • Elsewhere, FinMin Hong said that the government will set up a KRW400bn fund to support digital startups.
  • A clearance of Aug 14 high of KRW1,187.60 is needed to open up Aug 3 high of KRW1,196.05 and give bulls some impetus. Bearish case is supported by the formation of a "death cross" and initial downside focus falls on yesterday's multi-month low of KRW1,180.65. Below there opens Feb 12 low of KRW1,176.40.
  • South Korea's trade data for the first 20 days of the month hits the wires tomorrow.
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