USD/KRW flying this morning, last........>

KOREAN WON: USD/KRW flying this morning, last trades +16.15 fig. at KRW1,222.75

having shown at best levels since Mar 2016. Local equities are in free fall,

with KOSDAQ trading halted for 20 mins as the index fell 8% & with KOSPI sidecar

activated for 5 mins after a 5% drop. Ever-escalating coronavirus worry is

lending support to the pair. USD/KRW has ticked away from highs as a BoK off'l

said that S. Korea will act to prevent excessive moves in the mkts. RTRS then

cited dealers suspecting USD sales by S. Korean authorities. Separately, the BoK

pledged policy measures to stabilise mkts.

- Geopolitics may be adding some fuel to pre-existing mkt panic. North Korea's

Kim has supervised another military drill Thursday, while Yonhap cited a

statement from a U.S. general noting that Pyongyang "may be ready to test a more

advanced intercontinental ballistic missile."

- Bulls are clearly in the driving seat, looking for a clean breach of the upper

2.0% Bollinger band at KRW1,226.10. Above there would give them the green light

for targeting the KRW1,230.00 mark. Bears look for a pullback towards

yesterday's high of KRW1,207.40 to fill the opening gap.