USD/KRW Rises; 1,130 Resistance Tipped

The USD/KRW is higher at 1,126.10 from 1,122.60 late Tuesday in Seoul bouncing from its three-session decline. The eurozone agreed on the EUR130 billion bailout package for Greece on Tuesday as expected and investors are shifting "their eyes to the region's weak growth prospects, likely incurred by tighter fiscal spending," says a trader at a local bank; the EUR/USD has failed to rise to the 1.33 level after the Greece bailout news, which also limits KRW strength. Bargain-buying and importer demand for trade settlements are expected to firmly support the USD/KRW above 1,120, he adds, tipping 1,130 resistance.