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Won Regains Poise

KRW

Spot USD/KRW eases off after the re-open, giving away its gains from the beginning of the week. The rate last operates -4.30 figs at KRW1,188.30, with the 50-DMA providing the initial layer of support at KRW1,186.38. A clean break below that moving average would bring the 100-DMA at KRW1,180.97 into view. Conversely, bulls need a rebound above Jan 7 high of KRW1,203.90 to regain the upper hand.

  • USD/KRW 1-month NDF last seen -2.51 figs at KRW1,189.70. Downside focus falls on Jan 13 low/100-DMA at KRW1,183.78/1,183.24, while bulls take aim at Jan 6 high of KRW1,207.50.
  • North Korean state media said that the regime's Academy of Defence Science conducted the test-firing of two tactical guided missiles on Monday. Supreme Leader Kim Jong-un did not attend the drill.
  • Note that PM Kim chairs a Cabinet meeting as we type.

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