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USD/KRW trades softer at the re-open,....>

KOREAN WON
KOREAN WON: USD/KRW trades softer at the re-open, as yesterday's risk-on
dynamics creep into the spot. The 200-DMA limited losses yesterday, but the rate
started below there this morning. It sits -4.25 fig. at KRW1,193.50 at typing,
with bears targeting Jul 7/Jun 11 lows of KRW1,189.80/1,188.60. A break here
would open up Mar 5 low of KRW1,179.90. Conversely, a return above the 200-DMA
at KRW1,197.06 would encourage bulls to set their sights on Jul 14 high of
KRW1,207.75.
- U.S. Defence Sec Esper said that he has given no orders to withdraw troops
from South Korea, but various "adjustments" are being considered. His comments
came after reports pointing to a potential reduction in U.S. military presence
on the Korean peninsula.
- South Korea reports flash Q2 GDP on Thursday, the data is widely expected to
confirm the nation's first recession since 2003.

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