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USD/KRW opened sharply lower and sits....>

KOREAN WON
KOREAN WON: USD/KRW opened sharply lower and sits -7.90 fig. at KRW1,206.60. Per
MoneyToday & Yonhap, South Korea's government will submit extra budget proposal
to parliament on Thursday. FinMin Hong said last Friday that it will need to be
larger than the 2015 stimulus deployed to mitigate the impact of MERS epidemic.
Asian Business Daily today cited ruling party off'l Cho as saying as much. 
- Local trade surplus swelled almost eightfold, topping consensus, with both
imports and exports topping exp. Note that the figures were skewed by base
effect from LNY falling in Feb last year. The biz. day adjusted export figures
were notably weaker, falling 11.7% Y/Y, as the final reading revealed the deep
set problems that Covid-19 has caused for Asia-Pac trade chains. 
- S. Korea's Markit M'fing PMI weakened, even with "evidence that domestic
companies had substituted Chinese imports for domestically-produced goods."
- S. Korea said that its Covid-19 case count will likely rise through early Mar.
- Bears would like to see the rate fill the gap from the Feb 20 high of
KRW1,201.95. But with the rate ticking away from lows, bulls keep an eye on
Friday's low of KRW1,212.95. A break would open the YtD high of KRW1,220.50.

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