USD/KRW trades above KRW1,200 for the....>

KOREAN WON: USD/KRW trades above KRW1,200 for the first time since January 2017,

printing as high as KRW1,204.95.

- Trade war matters (both Sino-U.S. & Japan-Korea) continue to pressure the KRW,

with the South Korean government announcing KRW2.5tn+ worth of measures to

support M&A activity this morning, as well as KRW7.8tn+ worth of measures to

support R&D over a 7 year period, in a bid to ease the country's reliance on

Japanese goods. As a reminder, Friday saw Japan formally remove South Korea from

its export white list.

- North Korean missile launches have also undermined the KRW in recent sessions,

with joint military drills between the U.S. & South Korea scheduled for today.

- The Jan 9 2017 high at KRW1,208.75 provides the next notable upside target.