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Won Slips On Fed Repricing, Officials Step Up Market Monitoring

KRW

Spot USD/KRW has crept higher despite stepped up warnings from local financial officials, with recent Fedspeak encouraging participants to add hawkish FOMC bets. The pair last changes hands +3.75 at KRW1,310.65, with bulls looking to an attack on Jul 12 high of KRW1,316.45. Bears look for a slide through the 50-DMA & Jun 27 low coinciding near the KRW1,280 figure.

  • USD/KRW 1-month NDF last seen at KRW1,309.90, nearly 6 figs higher on the day. Bullish focus falls on Jul 12 high of KRW1,316.20, with bears keeping an eye on Jul 8 low of KRW1,292.23.
  • Vice FinMin Bang warned that the authorities will actively tackle herd behaviour in the financial markets amid heightened volatility. The official noted that the 50bp rate hike announced by the BoK yesterday helped stabilise the local financial market.
  • South Korea's terms of trade will hit the wires tomorrow.

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