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USD/KRW Prints Fresh Multi-Month Lows

KOREAN WON

USD/KRW sales this morning seem driven mostly by the greenback side of the pair, as USD continues to trade on a softer footing. The rate dipped through key support levels, highlighted in recent KOREAN WON bullets, and showed at its worst levels since early March. It last sits -4.50 fig. at KRW1,184.25.

  • South Korea's BoP current account surplus continued to widen in June, returning to pre-Covid-19 levels. It printed at $6.880bn vs. the prev. $2.286bn.
  • The next support level of note is Mar 5 low of KRW1,179.90 and a break below there would give bears a green light for targeting Feb 12 low of KRW1,176.40. Bulls look for a rebound above Aug 3 high/200-DMA at KRW1,196.05/1,197.21.
  • South Korea's economic docket is virtually empty during the remainder of this week.

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