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KOREAN WON: USD/KRW opened lower, but has trimmed losses since and last sits
-3.40 fig. at KRW1,189.75. Local economic data was strong on the surface, but
the devil was in the detail. South Korea's unemployment was markedly lower than
forecast, as the rate slipped to 3.3% from 4.0%, defying expectations of an
uptick to 4.1%. However, the strong reading may be masking an underlying
weakness in the private sector. BBG flagged that the data was boosted by gov't
hiring as overall employment growth slowed. Elsewhere, South Korea's exports
rose 21.9% Y/Y in the first 10 days of this month, but fell 2.5% when adjusted
for the no. of working days.
- Yonhap reported that S. Korean authorities are debating an expansion of the
extra budget to boost efforts against the economic toll of Covid-19.
- Meanwhile, 16-hour talks re: export controls between S. Korean & Japanese reps
failed to bring a breakthrough and will be resumed in Seoul in near future.
- The 200-DMA at KRW1,183.56 is firmly in sight and a fall through the level
would open up the 50-DMA at KRW1,181.89. Conversely, a rally above the Mar 2 & 9
highs at KRW1,207.30 would shift the focus to the topside.