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Broad based dollar weakness amid.........>

KOREAN WON
KOREAN WON: Broad based dollar weakness amid falling US yields is outweighing
the impact of risk off sentiment on the won, with USDKRW down 0.35% on the day
at 1125.9.
- The near term correlation between the won and Korean stocks has completely
broken down in recent days as US-Korea yield spreads have continued to edge
lower while Korean CDS spreads have remained near cycle lows, insulated so far
from global credit strains. 
- That said, the won continues to underperform, with KRWJPY remaining below its
200-dma having failed to recover the 10.0 level yesterday.

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