USD/KRW surged to a decade high of.......>

KOREAN WON: USD/KRW surged to a decade high of KRW1,249.97 right after the open,

playing catch-up to yesterday's emergency 50bp rate cut delivered by the BoK

after onshore KRW trading closed. Unsurprisingly, Gov Lee highlighted the

coronavirus outbreak as the main factor behind the decision. He added that the

the BoK has its whole toolkit available, if a need arises for further stimulus.

The BoK also lowered its GDP growth forecast for 2020 from the previous +2.1%

Y/Y, but did not disclose the exact updated figure.

- USD/KRW last sits +14.60 fig. at KRW1,240.65. Bulls look for a break above the

upper 3.0% Bollinger band at KRW1,249.91, which limited gains early on. Bears

would be pleased with a drop below Monday's high of KRW1,226.25 to fill the

opening gap.