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The decline in USDKRW continues following.....>

KOREA
KOREA: The decline in USDKRW continues following yesterday's key break through
neckline support and the 55-dma, with the pair trading at 1109.7 currently as
bears target the gap at 1100.0.
- While Korean swaps have edged up in recent trading, the 2-year swap spread
versus the US hit a new multi-year high at 94.8bps yesterday. Adjusting for
breakeven inflation expectations, US and Korean real rates are now roughly even
for the first time back in 2009, when USDKRW was much higher.

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