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USDKRW briefly dipped below 1110.0 and...>

KOREAN WON
KOREAN WON: USDKRW briefly dipped below 1110.0 and remains 0.4% weaker on the
day as rising interest rate expectations provide impetus to the won. The 1106.9
low seen on August 29 is the next downside target and below here would trigger a
topping pattern targeting 1100.0 initially.
- The Korea-US 2-year rate spread has dropped 4bps in Korea's favour but remains
wide at 103bps, and the broader trend is not supportive of won gains. 
- However, the won is currently benefitting from an improvement in risk appetite
in stocks, which looks set to continue following today's break above 2350. 

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