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After breaking below neckline support and.....>

KOREA
KOREA: After breaking below neckline support and the 55-dma USDKRW is
consolidating at 1114.0. The next level of support comes in at 1100.0 and bears
certainly have the momentum as the yuan rallies and the dollar looks weak
globally. Bulls would need to close back above the 55-dma, currently at 1117.5,
to shift the focus back to neutral. 
- The won's strength continues to defy the fundamentals as US-Korea 2-year
nominal and real swap spreads trade at multi-year highs. 
- The BOK is set to hold a rate meeting on Friday with the majority of analysts
expecting a hold but also seeing some indication of a hike in Q4. Hawkish
comments would be needed to justify the won's continued rally from a fundamental
perspective.  

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