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USDKRW continues to trade trade..........>

KOREAN WON
KOREAN WON: USDKRW continues to trade trade arounds its 200dma, currently at
1112.20 after opening virtually flat on the day. Bears need a close below here
to target the Dec 4 low and attempt to trigger a larger topping pattern. Real
yield spreads have moved in Korea's favour since the Fed meeting but historical
correlations do not justify further strength in the won.
- KRWJPY continues to trade around the 9.80 level with bulls looking for a
convincing break above here to allow the pair to follow global equity markets
higher. 
- Korea's trade surplus collapsed to its lowest level since 2014 as the import
contraction outpaced the export contraction. CPI data also missed expectations,
dropping to just 0.8% y/y from 1.3% in Dec. 
- In other news, North Korea has reportedly promised to destroy all of its
facilities for enriching uranium and plutonium.
- Focus now turns to manufacturing PMI out at the bottom of the hour. 

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