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USD/KRW Edging Higher Despite Fresh Verbal Jawboning


USD/KRW only dipped briefly as the South Korean Finance Minister delivered a fresh round of verbal jawboning ('USD/KRW rising fast' and will take steps if moves are one-sided were the quotes). The pair dipped under 1395, before edging to fresh cyclical highs around 1396.50.

  • The authorities may get more pro-active around 1400, or if we see a sharp break through this level.
  • Not helping are higher USD/JPY levels (+0.20% to 143.35/40), while UST yields have also ticked higher a touch. The Kospi is down slightly for the session.

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