South Korean won hits fresh 3- month high against US dollar on the back of higher than expected PPI data

• USD/KRW is currently trading around 1154levels.
   
• It made intraday high at 1177 and low at 1153 levels.
   
• Pair hits fresh 3-month low on the back of positive economic data from Korea.
   
• Korea’s PPI m/m released at 0.0% vs -0.5% previous release while year-on-year data came at -3.4% vs -3.3% previous releases.
   
• Intraday bias remains bearish for the moment.
   
• Pair breaks key support at 1173 mark and hits fresh 3 month low at 1153.
   
• A sustained close below 1153 will target 1142/1129 marks thereafter.
   
• Alternatively, reversal from key support will drag the parity up around 1180/1193/1201 marks.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.