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USDKRW failed to break back below 1120........>

KOREA
KOREA: USDKRW failed to break back below 1120 despite an opening dip, and has
drifter higher since as risk appetite has faded. The pair trades at 1123.0,
maintaining the uptrend from the June lows but capped for now by the 55-dma.
- The won continues to trade closely with Korean stocks, which are struggling to
extend their recovery above the key 2100 level in the Kospi. 
- Rate markets are providing little support to the won, with US-Korea spreads
testing cycle highs. The rolling correlation between USDKRW and rate spreads has
broken down over recent months, thanks in large part to Korea's improving
external balance sheet, which was evidenced by today's strong current account
figures for September.  

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