USD/KRW has extended its drop as.........>

KOREAN WON: USD/KRW has extended its drop as broader risk sentiment remains

positive. The latest update from China's health authorities suggested that the

rate at which new cases are being confirmed has slowed down. Worth highlighting,

however, that reports doing rounds on social media pointed to a change in

methodology, which might lead to the underestimation of the no. of new cases.

- South Korea released trade data for the first 10 days of February, which

revealed a surprising 69% surge in exports & 24% increase in imports, on a Y/Y

basis. The base effect was in play: readings were boosted by the fact that there

were 7 working days between Feb 1-10 this year vs. last year's 4.

- The rate sits at KRW1,184.15, 3.15 fig. lower on the day. Bears need it to

recede through the 200-DMA at KRW1,180.84 before targeting the Feb 6 low/100-DMA

at KRW1,177.90/1,176.62. Bulls look to the 50% retracement of the Aug 6 - Jan 14

sell-off at KRW1,186.88 & a break here would open up the 61.8% retracement of

that slide/Dec 4 high at KRW1,195.42/1.195.90.

- South Korea confirmed another coronavirus case, bringing the total no. to 28.

- The local unemployment data crosses on Wednesday.