USD/KRW opened higher as the local.......>

KOREAN WON: USD/KRW opened higher as the local coronavirus outbreak has rapidly

escalated. South Korea reported 53 new cases in one day and confirmed its first

fatality. With the case count currently at 104, South Korea is the largest

cluster of Covid-19 outside of mainland China & excluding the Diamond Princess.

- Most of the recently confirmed cases have been centred around the city of

Daegu. PM Chung said that the Daegu has been designated a "special management

zone," while the city's mayor advised the locals to stay at home. Chung is

holding meetings with snr officials; Yonhap reported that they yesterday

discussed whether to raise the virus alert level to "red" from "orange."

- China's Xi told his South Korean counterpart Moon that he intends to visit the

country at some point in the first half of the year, as agreed.

- S. Korea's imports & exports rose Y/Y during the first 20 days of Feb, but

worth noting that LNY fell in Feb last year, limiting the no. of working days.

- USD/KRW trades +5.15 fig. at KRW1,203.75. The pair showed above the Oct 2

high/76.4% retr. of the Aug 6 - Jan 14 fall around KRW1,206.00. Above opens the

KRW1,210 mark. Initial support is defined at KRW1,201.95, y'day's peak.