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The resilience of the Korean won in......>

KOREAN WON
KOREAN WON: The resilience of the Korean won in the face of broad dollar
strength, underperformance in Korean stocks, and the continued widening in
US-Korea yield spreads has been surprising as previous occurrences have seen the
won sell off sharply. 
- The key supporting factor has been the lack of contagion from equity market
weakness into credit markets, which has kept CDS spreads near cycle lows despite
the equity bear market. 
- We are seeing some signs though that the won is succumbing to fundamental
weakening pressure, with the false break lower in USDKRW triggering an upside
reversal, with bulls looking to close last week's gap and keep the broader
bullish trend intact. 

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