Published at 00:47 (GMT) 03 Apr
S.Korea's FX reserves totalled a record US$354.34bn as of end-March, up $2.55bn from the previous month mainly boosted by the rise in the value of non-dollar assets and investment profit. Separately, Starting with bilateral talks with U.S., S.Korea will open a second round of preliminary talks on its participation in the TPP. The government has said it will make a final decision on its participation after the second round of discussions and after an in-depth study, due out later in the month, on the impact of the TPP on the country's economy.
On FX, some focus on the above news as rising FX reserves would provide support to KRW. USD/KRW opened a tad firmer at 1058.5 vs. last close at 1056.6. Technicals suggests that overall bearish outlook is still intact and opening strength may help the pair recover towards 1060.1 and a break here will expose the next barrier at 1062.5. However upside is likely to be limited amidst widening current account surplus and rising FX reserves; pair may resume downside towards stronger support at 1050.6. JPY/KRW under pressure, trading at 10.190 - 10.200 lvls. KOSPI in mild gains at last check.BB
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