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KRWJPY has dropped to weekly lows as.....>

KOREAN WON
KOREAN WON: KRWJPY has dropped to weekly lows as bears test the 21dma just below
current levels at 9.725. The pair has been weighed down by weak PMI readings in
both Korea and China which has weighed on risk sentiment. A close to the week
below the 21dma would suggest a resumption of the downtrend, and would also
throw shade on the broader equity rally. 
- Real yield spreads between the two countries have not supported the rally in
KRWJPY from the Jan 3 low as they remain near multi year lows thanks largely to
the ongoing downtrend in Korean rates. 

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