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Won Comes Under Pressure, North Korea Test-Fires Projectile

KRW

Spot USD/KRW trades on a firmer footing, last +5.35 figs at KRW1,213.60, as higher oil prices sap strength from the won. Bulls would be pleased by a rally towards Mar 15 high of KRW1,244.00. Bears look for renewed sales past the 50-DMA at KRW1,203.65.

  • USD/KRW 1-month NDF last +2.10 figs at KRW1,214.00. Bulls look to a move through Mar 15 high of KRW1,247.94, while bears keep an eye on the 50-DMA at KRW1,205.11.
  • North Korea appeared to have fired a short-range projectile from a multiple rocket launcher on Sunday, triggering a meeting of South Korea's National Security Council to analyse the incident.
  • South Korea's trade deficit widened to $2.0780bn in the first 20 days of March from $1.6790bn a month ago. Shipments rose 10.1% Y/Y owing to demand for chips and petroleum products.
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