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DOLLAR-WON: USDKRW is off its opening lows but.......>

CANADA DATA REACT, DOLLAR-WON
DOLLAR-WON: USDKRW is off its opening lows but still down 0.6% on the day at
1119 as the easing of US-EU trade tensions has seen the dollar weaken across the
board.
- Yesterday's low of 1125 will be a significant resistance area for the pair,
while the July 9 low of 1110 will be the next hurdle for the bears to overcome.
Range trading between these levels seems likely in the short term. 
- Today's GDP figures out of Korea were in line with expectations, with the
economy expanding 0.7% q-o-q and 2.9% y-o-y, which has had little impact on rate
expectations.
- Today's won strength has come despite the continued move higher in US-Korean
swap spreads, which currently sits at 90bps. 

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