Here we are tracking the highs in USDKRW ... from a technical perspective after clearing the required 1.272% extension in the ABC correction we have started to put in the beginning stages of a 5 wave sequence to the downside.
For the long term highs in Dollar as widely expected the highs are coming and USDKRW is no exception here, protectionism isn't helping but with aggressive Dollar devaluation we can kickstart demand in the chip cycle.
Let's review some of the Dollar charts we have been tracking so far:
For the fundamental side in Asia, we have BoK on deck this week with a widely expected 25bp cut priced in. Housing in Seoul is showing signs of strength as well as activity data, however, sluggish global inflation supports near-term policy action with a further data dependent cut in Q120. This is a typical sell the rumour buy the fact leg for KRW.
We'll cover the details of the BoK event live ... jump into the comments with any questions/ideas.
Thanks!
For the long term highs in Dollar as widely expected the highs are coming and USDKRW is no exception here, protectionism isn't helping but with aggressive Dollar devaluation we can kickstart demand in the chip cycle.
Let's review some of the Dollar charts we have been tracking so far:
For the fundamental side in Asia, we have BoK on deck this week with a widely expected 25bp cut priced in. Housing in Seoul is showing signs of strength as well as activity data, however, sluggish global inflation supports near-term policy action with a further data dependent cut in Q120. This is a typical sell the rumour buy the fact leg for KRW.
We'll cover the details of the BoK event live ... jump into the comments with any questions/ideas.
Thanks!
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Eyes on the break here with BoK cleared
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Smelling momentum
