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A$ Drifts Lower


Curve Twist Steepens


Bullish Focus


Timeline of key events (Times BST)


(U2) Corrective Cycle Still In Play

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The Russian aggression against Ukraine and Western response with targeted sanction has fuelled stagflation fears. Talk of the U.S. considering a ban on Russian oil imports (in coordination with allies, with the option of acting unilaterally) has rattled markets at the start to the new week. South Korean won took a beating from the combination of broader risk aversion & soaring oil prices.

  • Spot USD/KRW trades +12.15 figs at KRW1,226.30, printing levels last seen in mid-2020. Bulls look to a further rally towards May 25, 2020 high of KRW1,244.25, while bears keep an eye on Feb 28/Jan 28 highs of KRW1,208.30/1,207.25.
  • USD/KRW 1-month NDF last +9.45 figs at KRW1,227.42. Topside focus falls on May 25, 2020 high of KRW1,244.46, while bears see Jan 28 high of KRW1,214.39 as their initial target.
  • South Korean FX policy authorities said they are monitoring markets for signs of speculative moves or excessive anxiety.
  • East European headlines may have diverted attention from North Korea's latest apparent missile test. Pyongyang test-fired a projectile into the East Sea Saturday in its ninth such drill this year, while Seoul said that the UN Security Council plans to discuss the matter this week.
  • Focus turns to South Korea's BoP current account balance, coming up this Friday.
MNI London Bureau | +44 203-865-3806 |
MNI London Bureau | +44 203-865-3806 |

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