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USD/KRW has moved lower in sympathy......>

KOREAN WON
KOREAN WON: USD/KRW has moved lower in sympathy with USD/Asia and last trades at
KRW1,154.85, -6.80 fig. Some are pointing to the imminent signing of U.S.-China
phase-one pact as supporting sentiment. On top of that, a recovery in S. Korea's
chip exports, reported in trade data for the first 10 days of Jan, supports KRW
(mind the base effect & volatility of prelim. figures while interpreting
though). Worth remembering that a poor U.S. jobs report was released after
onshore KRW trading closed on Friday and may have been pressuring USD/KRW today.
- The rate has briefly traded below a key support from a Jan 2 multi-month low
of KRW1,153.75. Bears are on alert for a clean breach of the level. The next
layer of support is provided by the Jul 1 low of KRW1,148.90. On the topside,
bulls need a break above Friday's high of KRW1,163.90 to gain some reprieve.
- There has been little follow through from the latest news flow re: North
Korea. Pyongyang issued some hawkish comments over the weekend, while a White
House off'l revealed that the U.S. has sought the resumption of bilateral talks.
- The local docket this week is headlined by South Korean unemployment
(Wednesday) and the BoK monetary policy decision (Thursday). 

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