USD/KRW gapped higher at the open &......>

KOREAN WON: USD/KRW gapped higher at the open & trades +5.75 fig. at

KRW1,192.25, following on last Thursday's bounce off the 200-DMA. The spread of

the novel coronavirus continues to weigh on riskier assets as participants

assess its economic consequences & most likely recovery path. A round of

broad-based risk-off flows seen ahead of the open may have added some fuel as

USD/KRW started trading. The rate operates slightly off its earlier highs, but

KRW leads losses in Asia.

- The high of Feb 3 at KRW1,198.50 draws the topside attention. A clearance of

the level would shift the focus to the Oct 2 peak/76.4% retracement of the Aug 6

- Jan 14 sell-off at KRW1,205.90/1.206.00. Conversely, bears would like to see

the rate fill the opening gap at KRW1,188.65, which would bring the 200-DMA at

KRW1,180.63 into view.

- The count of confirmed coronavirus cases in South Korea has reached 27, per

official data. Nonetheless, South Korean Health Minister Part pledged not to add

bans on entry from more Chinese regions or other countries at the moment.

- Of note this week will be South Korean unemployment print, due tomorrow.