USD/KRW reopened on the back foot........>

KOREAN WON: USD/KRW reopened on the back foot after a South Korean holiday. The

rate has moved off lows, but remains limited and last trades -4.75 fig. at

KRW1,224.40. It is likely that there was an element of catch-up to early price

action, given that South Korea just had a day off.

- The press have circulated reports citing a U.S. expert who noted that North

Korea might be close to completing a new ballistic missile facility that could

allow Pyongyang to test-launch intercontinental rockets.

- The rate attacked the 50-DMA at KRW1,221.64, but rejected it for now. The

level draws bearish attention and a break here would open up Apr 29 low of

KRW1,216.95 and then Apr 10/Mar 27 lows of KRW1,206.90/1,205.20. Bulls look for

a rebound above May 4 peak at KRW1,229.95, which would expose Apr 21/2 highs of

KRW1,240.90/1,242.55.

- South Korea reports March BoP data tomorrow.