USD/KRW popped higher immediately........>

KOREAN WON: USD/KRW popped higher immediately after the reopening of onshore FX

mkt in South Korea, before promptly pulling back. It has remained in negative

territory and last sits -3.85 fig. at KRW1,199.05. Local trade data released 15

mins ago disappointed, with deeper than expected declines in both imports and

exports resulting in a narrower than forecast trade balance.

- Yomiuri reported that U.S. Dep Sec of State Biegun will visit Seoul in early

July, which comes after earlier reports noting as much. The Yomiuri piece cited

an off'l suggesting that Biegun will seek a meeting with North Korean reps.

- Tuesday saw Seoul municipal authorities pass a KRW2.23tn extra budget bill.

Officials said that some KRW30bn may be allocated for relief funds to foreigners

living in the capital.

- A slide through the 200-DMA/Jun 30 low at KRW1,196.59/1,195.45 would shift

bearish focus to Jun  11 low of KRW1,188.60, a key near-term support. Bulls need

to claim Jun 25 high of kRW1,209.05 before targeting the 100-DMA at KRW1,216.36.

- Focus moves to South Korea's Markit M'fing PMI, due at the bottom of the hour,

as well as CPI data, due Thursday.