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USDKRW had a strong week last week,......>

KOREAN WON
KOREAN WON: USDKRW had a strong week last week, gaining ~1% and breaking back
above support-turned-resistance at its 21 and 55-dmas. The pair is higher today
at 1126.8, although it has come off its opening highs. 
- The strong US jobs report Friday sent US-Korean interest rate expectations to
fresh cyclical highs, with the 2-year swap spread at 106bps, above the long-term
differential in inflation expectations between the two countries. Rate markets
continue to suggest a considerably weaker won. 
- There are no data releases due today which should see the pair remain at the
mercy of global events. 

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