USD/KRW Off Highs; 1,135-1,145 Range Tipped

http://www.fxfxfx.com 2010-01-21 09:12:16

USD/KRW off earlier high of 1,143 as EUR/USD, AUD/USD pairs showing modest rebound in early Asian hours, while Kospi quickly coming off lows helping KRW sentiment, traders say. Pair last tad up at 1,139.4 vs 1,138.2 late yesterday in Seoul. "Players are starting off the session trimming their long dollar positions from overnight," says local bank trader. Adds, "we saw the pair rise yesterday despite some active exporter selling as offshore players bid up the pair. We'll have to see if that happens again." Expects some tussle around 1,140 level, tips 1,135-1,145 range for day. Another local bank trader notes, offshore players actively covered USD shorts yesterday but participants remain doubtful over whether offshore players will reverse into USD bulls giving pair an extra boost.

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