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Slight global risk-off sentiment has.....>

KOREAN WON
KOREAN WON: Slight global risk-off sentiment has seen USDKRW open higher trading
at 1133.7 after failing to break back below 1130 on Friday. The Kospi is also
down 0.6% as the short-term correlation between the two assets remains elevated.
- Korean interest rate swaps are flat, holding Friday's gains while US rates
have edged lower in sympathy with US stocks, seeing the 2-year spread edge down
to 1bps to 116bps. This remains near all-time highs though and suggests USDKRW
should be trading significantly higher. 
- Korean 20-day trade figures showed a rise in both import and export growth,
with imports outperforming, up 31.4% y/y in Oct after rising 14.0% y/y in Sep.
Deteriorating terms of trade are putting upside pressure on imports.

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