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Won Stable Ahead Of BoK Gov Inauguration Speech

KRW

Spot USD/KRW trades at KRW1,236.55, a touch higher on the day. A clearance of yesterday's high of KRW1,240.85 would bring Mar 15 high of KRW1,244.00 into view. Bears look for a retreat under Apr 14 low of KRW1,222.95 before targeting the 50-DMA at KRW1,216.15.

  • USD/KRW 1-month NDF last seen +2.58 figs at KRW1,236.83. Gains past Apr 19 high of KRW1,242.78 would clear the way to Mar 15 high of KRW1,247.94. Bears keep an eye on Apr 13 low of KRW1,222.27.
  • South Korea's exports grew 16.9% Y/Y in the first 20 days of the month amid strong demand for semiconductors.
  • Factory gate prices rose 8.8% Y/Y in March, accelerating from February's 8.5% gain, underpinned by higher commodity costs.
  • BoK Gov Rhee will deliver his inauguration speech this morning.

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