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KOREAN WON: USD/KRW was knocked on its head at the open, playing catch-up to
yesterday's risk rally, fuelled by optimism on the coronavirus front. Nothing of
much import seen in local news, which leaves focus on broader picture factors.
- USD/KRW sits -9.50 fig. at KRW1,222.90 as we type, having penetrated its
50-DMA. A further drop past May 11 low of KRW1,220.60 would expose Apr 10/Mar 27
lows of KRW1,206.90/1,205.20. Bulls need a rebound above Monday's peak at
KRW1,234.00 before taking aim at Apr 21/Apr 2 highs of KRW1,240.90/1,242.55.
- South Korean health authorities said that people who re-tested positive for
Covid-19 will no longer be required to go into quarantine, as there is no
evidence that they might be infectious.
- Looking ahead, South Korea's PPI & trade data for the first 20 days of the
month hit the wires on Thursday.