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The BOK's statement appeared to hint that.....>

KOREA
KOREA: The BOK's statement appeared to hint that today's hike was a one-off move
aimed at preventing a build up of financial imbalances. The statement did
mention the improvement in the employment situation which had been a concern for
the BOK.
- USDKRW has recovered its early losses to trade up 0.2% at 1122.0.
- 2-year swaps trade at their daily highs of 1.89%, breaking decisively out
above the 21-dma.
- The weakness in the won despite the rise in yields highlights our view that it
would take a sustained hiking cycle to keep downside pressure on USDKRW given
the large Us-Korea rate spread. 

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