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KOREAN WON: USD/KRW extends its rout as we type after shedding as much as 20.70
fig. Monday. The won continues to strengthen on the back of firmer mkt
sentiment, boosted by the prospect of wide-spread policy action vs. coronavirus
outbreak. As a reminder, after hours Monday we learnt that G7 FinMins & central
bank chiefs will discuss the Covid-19 situation in a call today.
- That said, Maeil cited unnamed sources as saying that local financial off'ls
have discussed contingency plans for equity mkts, including a short-selling ban.
Similar steps were recently taken by bourses in Turkey & Indonesia.
- In South Korean data from this morning, final Q4 GDP numbers were slightly
upgraded, but CPI inflation slowed more than forecast in Feb, on a Y/Y basis.
- USD/KRW sits -4.40 fig. at KRW1,189.40. With the 200-DMA at KRW1,183.55 in
sight, bears need a break below there to bring into play the 50-DMA, 100-DMA,
Feb 12 low & 61.8% retracement of the YtD range clustered in the KRW1,176.40-
1,178.48 area. Bulls look to retake Monday's peak at KRW1,207.30.
- Worth noting the renewed focus on North Korea's ballistic missile tests.
- On the data front, South Korea reports its BoP numbers on Thursday.

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