Won-dollar exchange rate peso comment September 6, 2010
USD/KRW to extend downtrend vs 1,175.1 late Friday, weighed by strong EUR after US payrolls. though BOK likely to intervene again on any sharp decline. Pair weighed by EUR rise on US payrolls. Central bank suspected of buying some $300-400 million in several interventions around KRW1,175-KRW1,177. Foreign fund flows into Korean securities likely to push USD/KRW to breach recent support of 1,170, says trader at local bank: Tips 1,165-1,175 range today. Dow Jones technical analysis shows immediate support at 1,173 (Friday''''s low), then 1,156 (Aug low). Initial resistance at 1,209 (July 22 high), then 1,234 (July 6 peak).
Posts
