0209 GMT - The focus in Asia is on USD/KRW after the pair's brief overnight spike above 1,440 in the wake of the South Korean president's short-lived declaration of martial law, UOB's Global Economics & Markets Research team says. Amidst tight liquidity in overnight trading, USD/KRW initially jumped from 1,400 to a high of around 1,444 before pulling back to about 1,428, UOB's Quek Ser Leang and Lee Sue Ann say. Just before midnight in Seoul, President Yoon declared martial law, which lawmakers voted hours later to lift the state of emergency. Yoon has since stated that he will lift the martial law. "The Bank of Korea, which has announced that it will hold an emergency meeting, is widely expected to provide ample liquidity to stabilize the KRW and ring fence it from the on- going political turmoil," the UOB team says. USD/KRW last at 1,415. (fabiana.negrinochoa@wsj.com)
(END) Dow Jones Newswires
December 03, 2024 21:09 ET (02:09 GMT)
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