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Bank of America note that in June they revised their "USD/KRW forecast to indicate a fall to KRW1,110 in Q321 before rallying to KRW1,150 by the year-end. Since the forecast revision in late-June, our expected KRW summer rally has not yet materialized, and USD/KRW has risen and reached KRW1,150 before falling back to the low KRW1,140s. Since late-June, two developments have pushed spot USD/KRW away from our Q3 forecast target. Firstly, the USD remains strong. Secondly, in early July, global volatility, as proxied by the VIX Index, has spiked on a number of days. Although the VIX has structurally moved lower throughout 2021, we find that the change, rather than the outright level, in the VIX matters for net portfolio flows to Korea. There is a strong inverse correlation between upward movement in the VIX and portfolio outflows in Korea."