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DOLLAR-WON: Rate touched fresh highs of 1,173.90 in early Asia-Pac trade, the
best levels since early 2017 as the recent bout of weakness for the KRW shows no
signs of reversing. At the close, KRW managed to claw back much of the day's
losses, but momentum and trend indicators continue to point higher. Regional
weakness in equities (particularly Japan) worked against the currency, with
reports that North Korea are developing further their missile weapons programme
-The continued volatility in spot USD/KRW markets has worked in favour of
options activity, with close to $3bln in options notional changing hands
Tuesday. Call bias was apparent from the off, with $5 in call notional trading
for every $2 in puts. Call strikes north of the recent cycle highs remain
popular, with particular interest in trades rolling off at 1,215, 1,200, and
1,175-80 so far today.
-Highly active USD/KRW options come alongside the continued recovery in vol
markets, with the short-end being the main beneficiary since printing lows in