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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.