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KOREAN WON
KOREAN WON: USD/KRW took a nosedive at the reopen of onshore trade, pressured by
risk-on flows that have carried over into today's Asia-Pac session. The
greenback remains limited by yesterday's announcement from the Fed that it will
start buying individual corporate bonds.
- Broadly positive risk appetite has helped overshadow regional geopolitical
concerns for now. The DPRK said that its army is reviewing plans to re-enter the
demilitarized zone on the inter-Korean border.
- Elsewhere, South Korea called in the Japanese ambassador to express its
dissatisfaction with Japan's failure to honour forced labour victims at one of
Tokyo's information centres, reminding about some of the historical tensions
between the two nations, which last year spilled over into trade matters.
- USD/KRW trades -10.65 fig. at KRW1,205.50, with bears looking for a fall below
the 200-DMA at KRW1,196.83 before taking aim at Jun 11 low of KRW1,188.60.
Conversely, a jump above yesterday's peak at KRW1,216.65 would expose Jun 3 high
of KRW1,220.05.
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com