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After hitting a new December high........>

KOREAN WON
KOREAN WON: After hitting a new December high against the USD, USD/KRW closed
lower at 1,166.15 Tuesday, with KRW and other trade-exposed FX still gaining on
the back of the agreement struck between the US and China. This looks to seal
the firm break below the 1,174.52 200-dma, opening the November low in USD/KRW
at 1,153.95 as the first target. The relief in Asia-Pac FX markets is evident in
the pull back in short-end implieds - USD/KRW 1m vols have pulled lower over the
course of the week, now sitting at 6.1275. Meanwhile, options volumes have crept
higher, with downside protection in USD/KRW via put spreads a popular trade
across both Asia-Pac and early European hours Tuesday. 1,136/1,157 put strikes
took focus.
-Despite quieter markets elsewhere, South Korean industrial production may take
some focus over the holidays, due on Dec29th.

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