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Won Gains For Second Session


The won has gained again, higher for the second consecutive day. USD/KRW last down 4.50 at 1098.40 as the greenback holds modest losses and positive risk sentiment supports Asia assets.

  • Foreign funds bought a net $766.7m of Korean stocks yesterday, bringing the total net purchases this week to around $1.4bn. The index is higher again today, up around 0.6% after posting a 2.61% rise yesterday.
  • USD/KRW, the rate has closed above the 50-DMA twice, keeping momentum bullish and possibly laying the foundation further rally toward the 100-DMA. December high of 1110.50 is next significant resistance. Bulls look for a break above yesterday's high at 1107. Support is seen at the January 8 low of 1090, and the cycle low of 1080.

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