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BOK Governor Lee Ju-yeol added to the....>

KOREAN WON
KOREAN WON: BOK Governor Lee Ju-yeol added to the won`s headwinds today,
commenting that it is hard to be optimistic on the Korean economy, which may
further dampen rate hike expectations in the run up to the rate meeting on May
24.
- Korean swaps are pricing in 37bps of hikes over the next 12 months and 57bps
over the next 2 years, which is already less hawkish than the US rate markets. 
- While the won has remained resilient against the dollar in the face of
widening yield spreads in the greenback`s favour, pressure is mounting, and we
see a potential double-digit sell-off for the KRW over the coming months.

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