More dollars to be diversified into euros at some juncture, I guess. Unless ofcourse the South Koreans are giving up on the poor old euro, like so many others.

Some of those dollars likely to be diversified into euros at some juncture.  Funnily enough had reports yesterday of Korea selling EUR/USD up around current 1.3660/65 level during the European morning.

• South Korea closely watching won, to take appropriate measures if necessary.

Some of the dollars will very likely see themselves transferred into euros at some juncture

South Korean FX authorities have been spotted buying USDKRW. USDKRW has moved up from a low of 1138 to 1143.

Chunky.

The USDKRW has been sold off thru critical support at 1148 and trading to a 15 month low of 1142.80, reinforcing views of an interest rate rise. Foreign exchange authorities were seen buying USD to stem the fall around the 1146 area. The USDKRW selling has also spilt over in USDJPY, which has remained under pressure post fix.

South Korea’s current account surplus fell to $1.17 Bln s/adj in November from a revised $3.25 Bln in October. Before seasonal adjustments it came in at $4.28 Bln in Novemebr compared with a revised $4.76 Bln in October. It was the 10th consecutive month of surplus.

Morgan Stanley says that S.Korean banks may be involved in more acquitions as the economy exits the glogal crisis.

It has been reported that North and South Korea have had a naval skirmish in the Yellow Sea, in waters off their west coast. No casualties reported at this time.

EURJPY has seen a knee jerk reaction to the news a little lower but the Kospi is steady, trading up 0.7%.

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