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Early strength in the won and Korean stocks...>

KOREA
KOREA: Early strength in the won and Korean stocks faded towards the end of the
session with Kospi edging down on the day and USDKRW recovering the bulk of its
losses to trade back above its 200dma last. A close below the 1112.56 will be
key to extending the pair's decline.
- KRWJPY has failed to follow suit with global equity market gains, dropping
back below the 9.80 level.
- After a strong open Korean 10 year bond futures clung to gains to keep alive a
potential bull flag formation.
- On the data front industrial production missed expectations coming in at -1.4%
sa m/m while Samsung Electronics announced it would be cutting capex more than
expected on weak profits. 

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