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USD/KRW Knocked By Risk Recovery

KOREAN WON

Spot USD/KRW has reacted to the overnight risk reversal and last deals -4.50 fig. at KRW1,184.60. The move seems driven exclusively by the broader impetus, amid little of note in local news flow.

  • The move brings Aug 31 multi-month low of KRW1,179.10 into play and a fall through that level would open up Feb 12 low of KRW1,176.40. Bulls look for a rebound above the 50-DMA at KRW1,191.81 before taking aim at KRW1,196.05, which represents Aug 3 high.
  • Little of note left on South Korea's economic docket this week.

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