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Won Loses Ground On Fallout From Russia War, North Korea's Suspicious Activity

KRW

Spot USD/KRW rallied to a fresh cycle high of KRW1,208.30 today as intensifying international response to Russian aggression against Ukraine. The rate operates +5.75 figs at KRW1,207.50, with bulls looking to a move through Jun 17, 2020 high of KRW1,218.60. On the flip side, a retreat under Feb 23 low of KRW1,189.85 would shift focus to the 100-DMA at KRW1,188.19.

  • USD/KRW 1-month NDF last +10.12 figs at KRW1,208.68. Topside focus falls on Feb 24 high of KRW1,212.37, followed by Jan 28 high of KRW1,214.39. Bears keep an eye on Feb 23 low/100-DMA at KRW1,190.57/1,189.50.
  • North Korea claims it conducted an "important" test for a reconnaissance satellite the day before. South Korean military initially classified the DPRK's action as a ballistic missile test.
  • South Korea's trade balance will hit the wires on Tuesday, industrial output will be published on Wednesday, GDP will hit the wires on Thursday, with CPI due for release on Friday.
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