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KOREAN WON: USD/KRW has added 4.2 fig. and last deals at KRW1,168.75. Trade war
headlines, more than anything else, continue to drive price action. The rate
gapped higher at the open as markets absorbed yesterday's CNBC report suggesting
that the mood in Beijing towards a trade deal with the U.S. is rather
pessimistic. A lack of any fresh positive signals allowed USD/KRW to show above
its 200-DMA and test the KRW1,170.00 figure today.
- Consolidation above the 200-DMA, now at KRW1,168.56, would bring the Nov 14
high of KRW1,172.00 into the picture. Conversely, a retreat under the ascending
channel floor at KRW1,163.87 would play into the hands of bears, clearing the
way towards the KRW1,160.00 level.
- S. Korea-U.S. talks about sharing the costs of U.S. military presence on the
peninsula broke down amid mutual finger-pointing. The White House has sought to
raise the annual bill by about $5bn. Meanwhile, N. Korea upped the ante by
demanding a complete cancellation of a postponed U.S.-S. Korea military drill.
- South Korean data docket this week features PPI (Wednesday) and trade data for
the first 20 days of this month (Thursday).