- USDKRW continues to move to the beat of.....>

KOREA: - USDKRW continues to move to the beat of global developments, and USDCNH

specifically, with the pair opening at a four day to trade at 1128.00, down 0.5%

on the day and 0.9% from Friday's peak. 

- Friday's reversal candle should give bears some breathing room from the recent

sharp rally, but a move below the July 17 low of 1122.70 would be needed to

suggest a reversal pattern is in play. 

- Korea's trade figures are showing little sign of any negative impact from

global trade frictions with the July 20-day import and export figures coming in

at 21.6% y-o-y and 9.3% y-o-y respectively, up from 13.0% and -4.8% in July. 

- However, rate expectations continue to show little buy-in from investors of

any significant rate hiking cycle, with the 1-year swap 1.8125% today, 83bps

inside the US.