USD/KRW opened a touch lower today and...>

KOREAN WON: USD/KRW opened a touch lower today and last trades -1.90 fig. at

KRW1,228.45. South Korea released the awaited trade data for the first 20 days

of May, with both imports and exports extending sharp declines as global trade

has taken a hit from lockdown measures. The silver lining was a recovery in chip

exports, which expanded 13.4% Y/Y.

- Also on local data front, South Korea's PPI deflation accelerated, printing at

-1.5% Y/Y vs. the previous reading of -0.5%.

- The 50-DMA at KRW1,226.62 continues to hold firm, but if it gives way, bears

will be able to target May 19 low of KRW1,221.25, followed by May 11 low of

KRW1,214.35. Bulls look to take out May 18 high of KRW1,234.00 before taking aim

at Apr 21/2 highs of KRW1,240.90/1,242.55.

- Just worth flagging in advance that the BoK's MPC convenes next week.