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Despite trading off its opening spike....>

KOREAN WON
KOREAN WON: Despite trading off its opening spike high at 1133.0, USDKRW remains
above resistance turned support at 1128.0 marking the triangle top going back to
October. The bullish breakout suggests upside risks dominate. The failure of
KRWJPY to extend on last week's gains yesterday has also seen the pair fall back
into its recent range. 
- Real GDP beat expectations for Q4, coming in at 1.0% q/q s.a. versus 0.6% exp.
PPI dropped to 1.0% y/y in Dec from 1.6% in Nov. 
- Interest rate swaps have edged lower despite the GDP beat with a new report
identifying a secret headquarters for North Korea's ballistic missile force
perhaps weighing on Korean assets. 
- Focus now turns to tomorrow's consumer confidence data ahead of Thursday's BOK
decision. 

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