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KOREAN WON: USD/KRW has crept higher at the start to the week, attacking
Friday's best levels, as risk aversion remains. There is a sense of concern over
a new outbreak of Covid-19 in Beijing & accelerating case count increases in
several U.S. states. Meanwhile, South Korea continues to see cluster infections
in greater Seoul area, but a health off'l said that the country has learned a
lesson from the initial wave of the disease and may be able to "avoid the
explosive resurgence of coronavirus".
- Geopolitics has also drawn attention as North Korea resumed its
sabre-rattling, with Kim Jong Un's sister noting that it is high time to break
relations with he "enemy" in Seoul.
- Elsewhere, Yonhap reported that "the number of people who are in search of
jobs hit a record high in May", citing data released Sunday.
- USD/KRW sits +5.35 fig. at KRW1,209.25. Bulls look for a break above the
100-DMA/23.6% retracement of the Mar 19 - Jun 11 slide at KRW1,213.01/1,214.12,
which would open Jun 3 high of KRW1,220.05. Bears look to a pullback through the
200-DMA at KRW1,196.81, towards Jun 11 low of KRW1,188.60.