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Won Rangebound

KRW

Spot USD/KRW changes hands at KRW1,203.00, little changed on the day, with the won holding a narrow range so far. Bulls need a clean break above Jan 28 high of KRW1,207.25 before taking aim at Jun 17, 2020 high of KRW1,218.60. Bears look for a pullback under Feb 23 low of KRW1,189.85.

  • USD/KRW 1-month NDF last -2.55 figs at KRW1,204.39. Downside focus falls on the 100-DMA at KRW1,189.44, with bulls setting their sights on KRW1,214.39, which capped gains on Jan 28.
  • Seoul pledged participation in international export controls on Russia, with the finance ministry discussing the scope and level of measures.
  • The latest Gallup presidential poll saw ruling Democratic Party candidate Lee take a narrow lead over main opposition People Power Party's Yoon but it essentially remains a neck-and-neck race.
  • South Korea's docket for next week features trade balance (Tuesday), industrial output (Wednesday), GDP (Thursday) & CPI (Friday).

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