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USD/KRW has been offered and last........>

KOREAN WON
KOREAN WON: USD/KRW has been offered and last deals -8.25 fig. at KRW1,235.40.
South Korea announced some steps on FX mkts this morning, after FinMin Hong told
lawmakers Tuesday that the gov't is considering stabilisation measures. Per
Yonhap, Hong anticipated the readjustment of a cap on domestic lenders' FX
forward positions. The cap has been lifted to 50% from 40% of domestic banks'
equity capital and to 250% from 200% in case of foreign banks. Changes will take
effect on Mar 19. South Korea sees these steps as helping alleviate USD shortage
at home amid a global flight to safety.
- RTRS cited FinMin Hong as saying today that the gov't is readying a
"comprehensive  financial support" package to help businesses hit by the
coronavirus crisis. These comments came the day after parliament passed a
KRW11.7tn extra budget to mitigate the economic toll of the Covid-19 outbreak.
- Bears look for a breakout from y'day's range to the downside. Should y'day's
low of KRW1,231.95 give way, they could target Monday's high of KRW1,226.25.
Bulls keep an eye on KRW1,249.97, which capped gains y'day.

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