USD/KRW has been bid from the off,.......>

KOREAN WON: USD/KRW has been bid from the off, running to highs of KRW1,149.55

in the process, which equates to the highest level seen since September 2017.

Pair last trade at KRW1,148.15, 6 or so figures higher on the day.

- The broader USD strength evident over the last 24 hours, the U.S. removing the

waivers re: sanctions on purchases of Iranian crude (which South Korea

benefitted from), and most recently, the South Korean Finance Ministry formally

outlining additional budgetary measures totalling KRW6.7tn, with the aim of

boosting exports, strengthening the social safety net & creating more jobs, have

all weighed on the KRW this week.

- Clear psychological resistance is noted at KRW1,150, with a break above

opening up the 61.8% retracement of the move from KRW1,213.22 to KRW1,054.00,

located at KRW1,152.40.