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Won Loses Shine, BoK To Meet This Week

KRW

Spot USD/KRW gapped lower at the re-open, playing catch-up with post-NFP greenback sales, but has trimmed losses since. The rate sits at KRW1,200.65, still around 1 fig lower on the day, with bears looking for a dip through the 50-DMA at KRW1,185.25. Conversely, bulls keep an eye on Jan 7 high of KRW1,203.90, followed by Jul 14, 2020 high of KRW1,207.75.

  • USD/KRW 1-month NDF last seen at KRW1,201.85, almost 3.5 figs higher on the day. Bulls look for a rally above Jan 6 high of KRW1,207.50, while bears eye the 50-DMA at KRW1,186.94 for initial support.
  • South Korea's BoP current account balance comes out tomorrow, while labour market data hits Wednesday.
  • Looking further afield, the BoK will deliver their monetary policy decision on Friday. Majority of analysts expect policymakers to raise the benchmark interest rate by 25bp, according to a Bloomberg survey.

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