Digital strike combats Korean hedging worries

PROBLEM: A South Korean importer has become increasingly worried about upcoming dollar payables since the start of February. Following the recent downgrade by Moody’s of South Korean sovereign outlook to negative due to escalating tensions with North Korea, there was an aggressive rally in spot dollar/Korean won from early February lows of 1,170 to the current 1,200 level. The client is worried that spot may spike higher in the next three months and does not expect spot to retrace below

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